Category: Business

MIL-OSI United Kingdom: Cultural programme announced for Japan Week in Manchester this September

Source: City of Manchester

The programme has been announced for a fantastic free cultural festival this September that will see a six-day Japanese culture takeover of Manchester as part of Japan Week 2025.

The festival is being held in Manchester from 4 – 9 September after the city was chosen by the International Friendship Foundation as host city for the prestigious annual Japan Week event, that takes place each year in a different world city.
First held in Florence and after that in other major cities around the globe including Seville, Boston, and Athens, this year’s festival in Manchester promises to be extra special as 2025 marks the 50th anniversary of the event that first took place in 1975.

The annual festival showcases traditional and contemporary Japanese culture through arts, music, fashion and sports, and will see a whole host of activities taking place at venues right across the city – all of them free to attend on a first come, first served basis, although some activities will require free-of-charge tickets to be booked in advance.

Through a diverse range of events, workshops, exhibitions and interactive experiences, hosted at iconic venues across the city, the festival promises a glimpse into the beauty and uniqueness of Japanese arts, traditions and more.

From traditional tea ceremonies and calligraphy, to music, arts and grass roots cultural exchange, there will be something for people of all ages to enjoy and appreciate.

The programme includes theatre and stage performances at HOME, traditional tea ceremonies at Manchester Museum, workshops, exhibitions and demonstrations at Aviva Studios and Manchester Central Library, plus a full day of activity with the Hallé showcasing the Hallé Youth Orchestra, Japan Archives, and Japanese instruments.

The week also includes the first UK performance of BLOOM – a brand-new production that fuses music, fashion and dance in a unique celebration of Greater Manchester’s contemporary creative scene. It has been created by composer and DJ Afrodeutsche, dance company Company Chameleon, and queer-led fashion brand Belladonis. The live performance will also feature a string ensemble from the world-renowned Hallé orchestra, including virtuosa violinist Roberto Ruisi.

Centred on the theme of metamorphosis and change, BLOOM was created as a unique gift from Greater Manchester to Japan, marking a landmark year of cultural exchange between the two regions – with its debut performance taking place at EXPO Osaka back in June, ahead of performances in Manchester during Japan Week.

Away from central Manchester local community venues in the north and south of the city will also be hosting Japan Week activity with plans currently being finalised for activity to take place at Gorton Hub, Wythenshawe Forum, and Abraham Moss Library and Leisure Centre.

Mr Hiroyuki Ishizaki of the International Friendship Federation, Japan said: “It is a great pleasure to bring artists and performers from across Japan to the wonderful city of Manchester for an extra special programme celebrating the 50th anniversary.”

Manchester and the wider city region has a longstanding relationship with Japan, dating back to the 1800s and the industrial revolution, with Japan Week 2025 set to showcase this 200-year history and friendship.

The city’s bid to host Japan Week came off the back of a successful Greater Manchester trade mission to Osaka and Tokyo in December 2023, led by GMCA Mayor Andy Burnham and Leader of Manchester City Council, Bev Craig.

The city region’s relationship with Japan has continued to go from strength to strength since then, with a further delegation from Greater Manchester having recently undertaken a follow-up trade mission with partners in Tokyo and Osaka.

Councillor Bev Craig, Leader of Manchester City Council, said: “Manchester and Japan have historic links, going all the way back to the 1800s, when Japanese students came to Greater Manchester to take home the lessons of industry and our connections have been forged ever since. As a proudly international city, our city has always been shaped by people and businesses who have chosen Manchester to live, to work and to invest in.

“Culture has an important part to play in this, helping forge a mutual understanding between cities and countries that in turn helps create the right foundations for joint working and for successfully doing business with each other.

“It is particularly special that Manchester has been chosen to host the landmark 50th celebration of International Japan Week.

“The programme of free cultural activity for September will allow people from across the city come and experience these unique events and gain insights into Japanese culture for the week. We are looking forward to hosting an important delegation of Japanese dignitaries, businesses and cultural institutions in our city.”

The festival is being delivered in partnership with HOME, Aviva Studios, Manchester Central Library, First Street, and Manchester Museum, with activities also taking place at Hallé St Peter’s and esea contemporary in the Northern Quarter.

Partner quotes:

Karen O’Neil, CEO of HOME, said: “HOME is honoured to be part of welcoming so many amazing artists from Japan to Manchester for what we are sure will be an exciting week of events and shared experiences. Japan Week clearly shows Manchester’s commitment to being an international city with a thriving cultural sector.”

John McGrath, Artistic Director and Chief Executive of Factory International, said: “It’s a pleasure to be part of Japan Week as the annual celebration of culture comes to Manchester. Having welcomed the great Japanese artist Yayoi Kusama as the very first person to exhibit in Factory International’s new home at Aviva Studios with You, Me and the Balloons in 2023, we look forward to welcoming more great artists from Japan to the city this September and building cultural ties alongside our partners. Visitors to Aviva Studios will have the opportunity to experience exhibitions, food and drink samplings and workshops showcasing Japanese art, innovation, and tradition.”

Ciaron Wilkinson, Head of External Relations at Manchester Museum said: “Manchester Museum has a long history of celebrating Japanese cultural heritage so we’re excited to continue building on that tradition and the cherished relationships that come with it. Our own mission is to build understanding between cultures and Japan Week has incredible potential to do just that.”

Thomas Ingham, Director of Place and Marketing, First Street and Ask Real Estate, said: “First Street and Ask Real Estate have a strong track record of supporting and enabling cultural activations in Manchester. And as First Street marks its 10th birthday this year, we look forward to welcoming guests from all around the world for the 50th anniversary of Japan Week.”

David Butcher, Chief Executive, The Hallé, said: “Japan Week is such an exciting opportunity to explore and enjoy cultural exchange in Manchester, and the Hallé is thrilled to be joining partners to deliver something special for the city. As Manchester’s cultural ambassador, international engagement is deeply rooted in our work, and we are looking forward to sharing the results of our most recent collaboration, BLOOM, which premiered at EXPO 2025 in Osaka, marking a new city partnership between Manchester and Osaka. Alongside this performance and much more at Hallé St Peter’s in Ancoats, audiences are in for a treat with such an incredible range of events across the city and we look forward to joining in the celebrations.”

Xiaowen Zhu, Director of esea contemporary, said: ” ‘From Tokyo to Manchester: Weekend Festival’ reflects our commitment to fostering meaningful cultural dialogue across geographies. As a proud venue partner for the 50th anniversary of Japan Week—supported by Manchester City Council—we are honoured to contribute to this landmark citywide celebration. Through boundary-pushing music, experimental moving image, and shared creative experience, the festival captures the vitality of Japan’s contemporary arts and culture while resonating with Manchester’s spirit of openness, innovation, and inclusivity. It is a joyful invitation to connect—across disciplines, communities, and generations.”

Japan Week in Manchester is proudly sponsored by Calbee, Mizkan, Manchester Airport, KAJI, and First Street and Ask Real Estate who have together made the exciting free programme of cultural events possible.

Find out more information about what’s on during Japan Week in Manchester and get tickets

MIL OSI United Kingdom –

July 31, 2025

MIL-OSI: WENDEL: 2025 Half-Year Results

Source: GlobeNewswire (MIL-OSI)

2025 Half-Year Results:

Continued strategic deployment with the

Asset Management Platform ramp up:

Wendel Group now manages €45 billion+,
of which €39 billion of Private Assets under Management
for third parties

NAV per share at €167.7 as of June 30, 2025

Implementation of a semi-annual interim dividend starting in November 2025, with an interim dividend of €1.50

Taking into account the dividend payment of €4.7, the fully diluted net asset value¹per share as of June 30, 2025 is down 2.4% compared to the end of March 2025, and stable at constant exchange rates.

The strengthening of euro vs US dollar, generated a -€4.7 per share FX effect in Q2. At constant exchange rate, NAV main components evolved as follows:

Principal Investments:
- Listed assets (38% of Gross Asset Value excluding cash): +5.0% vs Q1 2025 thanks to Bureau Veritas, IHS and Tarkett share prices increase
- Unlisted assets (38% of GAV excl. cash): total value down 4.8% vs Q1 2025, reflecting mainly multiples and aggregates evolution
Asset Management activities (22% of GAV excl. cash): total valuation up +9.0% vs Q1 2025, induced by multiples and aggregates evolution

Principal investments: H1 2025 performance supported by listed companies

Positive contribution from the Group’s listed companies, driven by higher share prices over the period
Total sales of Group companies up 3.9% organically
New CEOs at Crisis Prevention Institute and Scalian

Asset management: strong momentum in fundraising and revenue growth

Wendel Asset Management platform AuM reach close to €39 billion, focused on midmarket. Altogether IK Partners and Monroe Capital have raised c.€4.3 billion of new funds on various strategies over H1 2025, without any sponsor money from Wendel in H1. IK Partners reached its hard caps on its Midcap and Small Cap funds in the first half of 2025, and Monroe Capital raised $4 billion.
Management fees totalled €152 million and Fee Related Earnings totalled €59 million, growing more than threefold vs last year, thanks to organic growth and strong scope effects

Dynamic implementation of new strategic directions

Principal Investments: successful Forward Sale of 6.7% of Bureau Veritas’ share capital, at a price of €27.25 per share on March 12, 2025
- Wendel entered into a call spread transaction to benefit from up to c.15% of the stock price appreciation over the next three years on the equivalent number of shares underlying the Forward Sale Transaction
- Total net proceeds for Wendel of €750 million
- Wendel has retained 26.5% of the share capital and 41.2% of the voting rights of Bureau Veritas

Asset Management: With Monroe Capital acquisition, Wendel’s third party asset management platform reached €39 billion in AUM²
- On March 31, 2025, Wendel has invested $1.13³ billion to acquire 72% of Monroe Capital’s shares together with rights to c.20% of the carried interest generated on past and future funds

A more attractive dividend policy for shareholders: introduction of semi-annual interim dividend payments starting in 2025

Ordinary dividend of €4.70 per share for 2024, up 17.5% compared to 2023, paid in May 2025, representing a distribution to shareholders of €200 million
€1.50 interim dividend to be paid in November 2025
- In order to reflect the recurring cash flow generated by its dual business model, Wendel has decided to pay an interim dividend of €1.50 in November 2025 for the 2025 financial year corresponding to about one third of the total dividend paid for the previous financial year
- The balance of the 2025 dividend, will be paid in May 2026, in line with Wendel dividend policy
- This new interim dividend policy will be recurring

Strong financial structure and committed to remaining Investment Grade

Average debt maturity of 3.1 years with an average cost of 2.4%
LTV ratio at 18.5%⁴ on a pro forma basis
On March 31, 2025, S&P revised Wendel outlook to ‘Stable’ from ‘Negative’ on debt reduction and reaffirmed its ‘BBB’ rating

Consolidated net sales for H1 2025 €4,177.6 million, up +7.2% overall and up +3.9% organically year-to-date

Net income from operations, group share down 17.9% at €86.0 million
H1 2025 net income (Group share) at €4.3 million impacted by a negative scope effect due to the disposal of Constantia Flexibles (€419m capital gain, group share) in the first half of 2024, while the capital gain related to the forward sale of 6.7% of Bureau Veritas share capital in March 2025 is not accounted in the P&L

Laurent Mignon, Wendel Group CEO, commented:

“ With the successful closing of Monroe Capital’s acquisition, Wendel materializes its strategy to grow third-party asset management alongside our principal investment activity.

With Monroe Capital and IK Partners representing €39 billion of assets under management and €4.3 billion raised in H1 2025, we are building a strong and significant Asset management player generating recurring and predictable income, enhancing significantly Wendel’s value creation profile. IK Partners has closed its Midcap and Small Cap strategies at their hardcaps, finalizing its 2024/2025 fundraising at €6 billion, in line with the ambition announced when it was acquired by Wendel in October 2023. We are actively building a diversified pipeline of high-quality acquisition opportunities to expand our third-party asset management business.

We actively support the development of our permanent capital portfolio companies in navigating a persistently complex macroeconomic environment.

Our teams remain fully mobilized to generate value through the current portfolio and further develop our asset management platform while maintaining a solid financial profile. Our strategic transformation has also gone hand in hand with a reinforced cash return to shareholders, reflected in the €4.7 dividend per share paid in May, growing 17.5% vs 2024. Given the stronger recurring and predictable cash flow generation of Wendel, we have decided to implement a semi-annual interim dividend payment policy starting in 2025. ”

Wendel’s net asset value as of June 30, 2025: €167.7 per share on a fully diluted basis

Wendel’s Net Asset Value (NAV) as of June 30, 2025, was prepared by Wendel to the best of its knowledge and on the basis of market data available at this date and in compliance with its methodology.

Fully diluted Net Asset Value was €167.7 per share as of June 30, 2025 (see details in the table below), as compared to €176.7 on March 31, 2025, representing a decrease of -5.1% over the quarter and stable restated from the dividend paid in May 2025 and at constant exchange rate. Compared to the last 20-day average share price as of June 30, the discount to the fully diluted NAV per share was -48.4% as of June 30, 2025,.

FX had a negative impact of -4.7€ per share over the second quarter due to the dollar evolution vs. euro.

Bureau Veritas is slightly up over the quarter (+1.2% on a 20-day average). IHS Towers (+29.5%) and Tarkett (+3%) 20-day average share prices also contributed positively to the NAV. Total value creation per share of listed assets was therefore positive (+€3.5) at constant exchange rate on a fully diluted basis over the second quarter 2025.

Unlisted asset contribution to NAV was negative over the second quarter with a total change per share of – €5.0 at a constant exchange rate reflecting selected assets operational performance and multiples evolution.

Asset management activities contribution to NAV was positive, +€3.8 at a constant exchange rate, due to IK Partners and Monroe Capital blended multiples’ evolution and good FRE generation. A total of €49M of sponsor money is included in the NAV as of end of June, both for IK Partners and Monroe Capital.

Cash operating costs, Net Financing Results and Other items impacted NAV by -€1.9 at constant exchange rate, as Wendel benefits from a positive carry and maintains a good cost control.

Over the first half of the year, total Net Asset Value evolution per share amounted to -€13.2, restated from the €4.7 of dividend returned to shareholders in May 2025, i.e. -€6.2 at a constant exchange rate.

Fully diluted NAV per share of €167.7 as of June 30, 2025

(in millions of euros)				06/30/2025	03/31/2025
Listed investments	Number of shares	Share price ⁽¹⁾		3,088	2,965
Bureau Veritas	89.9m⁽²⁾/120.3m		€29.2/€28.5	2,630	2,565
IHS	63.0m/63.0m		$5.7/$4.4	307	254
Tarkett		€16.9/€16.4		151	146
Investment in unlisted assets ⁽³⁾				3,071	3,346
Asset Management Activities ⁽⁴⁾				1,824	1,778
Asset Managers (IK Partners & Monroe Capital)				1,775	1,749
Sponsor Money				49	29
Other assets and liabilities of Wendel & holding companies ⁽⁵⁾				150	161
Net cash position & financial assets ⁽⁶⁾				1,770	2,058
Gross asset value				9,903	10,308
Wendel bond debt & accrued interests				-2,373	-2,378
IK Partners transaction deferred payment and Monroe Capital earnout				-235	-244
Net Asset Value				7,295	7,686
Of which net debt				-838	-564
Number of shares				44,461,997	44,461,997
Net Asset Value per share				€164.1	€172.9
Wendel’s 20 days share price average				€86.6	€92.0
Premium (discount) on NAV				-47.2%	-46.8%
Number of shares – fully diluted				42,457,994	42,456,176
Fully diluted Net Asset Value, per share				€167.7	€176.7
Premium (discount) on fully diluted NAV				-48.4%	-47.9%

(1)  Last 20 trading days average as of June 30, 2025, and March 31, 2025.
(2)  Number of shares adjusted from the Forward Sale Transaction of 30,357,140 shares of Bureau Veritas. The value of the call spread transaction to benefit from up to c.15% of the stock price appreciation on the equivalent number of shares is taken into account in Other assets & liabilities of Wendel & holding companies.
(3)  Investments in unlisted companies (Stahl, Crisis Prevention Institute, ACAMS, Scalian, Globeducate, Wendel Growth). Aggregates retained for the calculation exclude the impact of IFRS16.
(4)  Investments in IK Partners and Monroe Capital (excl. Cash to be distributed to shareholders). Valued as a platform based on Net Income / Distributable earnings multiples.
(5)  Of which 2,004,003 treasury shares as of June 30, 2025, and 2,005,821 as of March 31, 2025.
(6)  Cash position and short-term financial assets of Wendel & holdings.
Assets and liabilities denominated in currencies other than the euro have been converted at exchange rates prevailing on the date of the NAV calculation.
If co-investment and managements LTIP conditions are realized, subsequent dilutive effects on Wendel’s economic ownership are accounted for in NAV calculations. See page 285 of the 2024 Registration Document.

Wendel’s Principal Investments’ portfolio rotation

On March 12, 2025, Wendel realized a successful placement of Bureau Veritas shares as part of a prepaid 3-year forward sale representing approximately 6.7% of Bureau Veritas share capital and increased its financial flexibility by reducing the pro forma loan-to-value ratio to approximately 17%. The transaction immediately generated net cash proceeds of approximately €750M to Wendel.

Wendel invested €41.5M in Scalian in H1 2025 to support its external growth and to strengthen its balance sheet.

Wendel’s Asset Management platform evolution

Acquisition of a controlling stake in Monroe Capital LLC closed, a transformational transaction in line with the strategic roadmap

Wendel completed on March 31, 2025 the definitive partnership agreement including the acquisition, together with AXA IM Prime, of 75% of Monroe Capital LLC (“Monroe Capital” or “the Company”), and a sponsoring program of $800 million to accelerate Monroe Capital’s growth, together with an investment of up to $200 million in GP commitment.

With IK Partners and Monroe Capital, Wendel’s third party asset management platform reached €39 billion in AUM⁵, and should generate, on a full-year basis, c.€ 455 million revenues⁶, c.€160 million pre-tax FRE (c.€100 million in pre-tax FRE (Wendel share) in 2025. Wendel’s ambition is to reach €150 million (Wendel share) in pre-tax FRE in 2027.

Third-Party Asset Management Platform: 22% of Gross Asset Value excluding cash

Over the first half of 2025, the Wendel Asset Management platform (IK Partners and Monroe Capital), focused on the midmarket private markets, registered particularly strong levels of activity, generating a total of €152.0 million in Management fees and others, up 355 % vs. H1 2024, thanks to good organic growth and strong scope effects: Only IK Partners was consolidated over 2 months in H1 2024, to be compared in H1 2025 with a 6 months consolidation for IK and 3 months consolidation for Monroe Capital in H1 2025.

As a consequence, the consolidated Fee Related Earnings of the platform amounted to €59.9 million in H1 2025, up 318% vs last year, and Profit Before Tax was €60.2 million, up 303% vs. last year.

The Wendel Asset Management Platform has known a Strong Momentum in terms of fund raising with €4.3 billion raised over the semester, without any sponsor money committed by Wendel.

IK Partners has closed its Midcap and its Small Cap strategy at the hard cap. This completes IK fund raising cycle (2024/2025) at €6 billion, in line with the announced target at acquisition in October 2023. Monroe Capital has also maintained its strong dynamic with $4 billion of asset raised in 6 months with a good diversification in terms of strategies and geographies.

As of June 30, 2025 Wendel’s third-party asset management platform⁷ represented total assets under management of €39.1 billion (of which €10.1 billion of Dry Powder⁸), and FPAuM⁹ of €29.0 billion, FX adjusted, up +187% year-to-date. Over the period, €5.0 billion of new Fee Paying AuM were generated and about €3 billion of exits and payoffs have been realized.

Sponsor money invested by Wendel

Wendel committed in 2024 €434 million in IK Partners funds (of which €300 million in IK X). As of June 30, 2025, a value of €49 million of sponsor money have been called in IK Partners and Monroe Capital funds.

Principal Investment companies’ sales

Figures post IFRS 16 unless otherwise specified.

Listed Assets: 38% of Gross Asset Value excluding cash

Bureau Veritas: Robust organic revenue growth and strong margin increase in H1 2025 as the LEAP | 28 strategy execution accelerates; Confirmed 2025 outlook

(full consolidation)

Revenue in the first half of 2025 amounted to €3,192.5 million, a 5.7% increase compared to H1 2024. The organic increase was 6.7% compared to H1 2024 (including 6.2% in the second quarter of 2025) and a broad organic growth across most businesses and geographies.

First half adjusted operating profit increased by 8.8% to €491.5 million. This represents an adjusted operating margin of 15.4%, up 44bps year-on-year and up 55bps at constant currency.

As of June 30, 2025, adjusted net financial debt was €1,254.7 million and the adjusted net financial debt/EBITDA ratio was maintained at a low level of 1.11x (vs. 1.06x as of December 31, 2024).

2025 share buyback program

Bureau Veritas executed the €200 million share buyback program announced on April 24, 2025, thus

acquiring c.1.5% of the outstanding share capital (6.7 million shares) through the market during the

months of May and June 2025. The purchase was completed at an average price of €29.77 per share.

2025 outlook confirmed

Based on a robust first half performance, a solid backlog, and strong underlying market fundamentals, and in line with the LEAP | 28 financial ambitions, Bureau Veritas still expects to deliver for the full year 2025:

Mid-to-high single-digit organic revenue growth,
Improvement in adjusted operating margin at constant exchange rates,
Strong cash flow, with a cash conversion¹⁰ above 90%.

For further details: group.bureauveritas.com

IHS Towers – IHS Towers will report its H1 2025 results in August 2025

Tarkett reported its H1 on July 29, 2025

For more information: https://www.tarkett-group.com/en/investors/

Unlisted Assets: 38% of Gross Asset Value excluding cash

(in millions)	Sales		EBITDA			Net debt
	H1 2024	H1 2025	H1 2024 including IFRS 16	H1 2025 including IFRS 16	Δ	end of June including IFRS 16
Stahl	€464.7	€462.9	€106.7	€90.8	-14.9%	€357.8
CPI	$66.9	$69.5	$28.4	$29.9	+5.3%	$370.8
ACAMS	$48.7	$53.4	$8.9	$13.7	+53.9%	$161.2
Scalian	€271.8	€257.6	€30.3	€28.9	-4.6%	€354.8
Globeducate⁽¹⁾	€202.6	€224.7	na	€77.7	na	€739.6

(1) Globeducate acquisition was completed on October 16^th, 2024. Globeducate fiscal year ends in August, and figures shown are last six months at the end of May 2025. Indian operations are deconsolidated and accounted for by the equity method.

Stahl – Total sales slightly down -0.4% in H1 2025 in a context of challenging market conditions in the automotive and luxury goods end-markets. Strong EBITDA margin of 19.6%.

(Full consolidation) 

Stahl, the world leader in specialty coatings for flexible materials, posted total sales of €462.9 million in the first half of 2025, representing a total decrease of -0.4% versus H1 2024.

Organically, sales were down -5.9%, in a context of lower demand across end-markets due to very high levels of uncertainty around changing tariffs and destocking in the supply chains served by Stahl, while FX contributed -2.0%. Acquisitions contributed positively (+7.6%) to total sales variation, thanks to the acquisition of Weilburger Graphics GmbH completed in September 2024.

Half Year 2025 EBITDA¹¹ amounted to €90.8 million (-14.9% vs. H1 2024), translating into a strong EBITDA margin of 19.6%, thanks to a disciplined margin and fixed costs management, as well as a good diversification across geographies and segments.

Net debt as of June 30^t^h, 2025, was €357.8 million¹², versus €383.8 million at the end of 2024 and leverage stood at 1.9x¹³.

Crisis Prevention Institute reports +4.0% in revenue and +5.3% EBITDA growth. Andee Harris will become the new CEO of CPI on August 20, 2025.

(full consolidation)

Crisis Prevention Institute recorded first half 2025 revenue of $69.5 million, up +4% compared to H1 2024. Of this increase, +3.2% was organic growth, -0.2% came from FX movements and +1.1% from scope effect related to the Verge acquisition in Norway in January 2025. Despite ongoing federal oversight and funding uncertainty for some of CPI’s US customers that may have led to deferred spending on expanded training, CPI’s installed base of certified instructors continued to renew and maintain their certification and train their colleagues. Growth in the first half therefore increased revenues from renewals and learning materials in North America, as well as double digit growth in markets outside North America.

H1 2025 EBITDA was $29.9 million¹⁴, reflecting a margin of 43.0%. EBITDA was up +5.3% vs. H1 2024 while margins are slightly up due to tight cost policy and in spite of lower-than-expected top line growth.

As of June 30, 2025, net debt totaled $370.8 million¹⁵, or 4.7x EBITDA as defined in CPI’s credit agreement. In early July, CPI raised $60 million through an incremental term loan to fund c. $33 million dividend payment to Wendel by year end and a partial repurchase of management’s shares. Both the dividend and the share repurchases are expected to occur in September.

On August 20, 2025, Andee Harris will become CEO of CPI and a member of the company’s board of directors.

Andee Harris will take over from Tony Jace, CPI’s current CEO, who is retiring after leading CPI’s significant expansion over the past 16 years. Tony will remain on CPI’s Board of Directors through the end of 2025.

Andee Harris was the CEO of Challenger, a global leader in training, technology and consulting. Harris will bring more than two decades of experience in growing and scaling service and technology businesses. She has previously led multiple companies, both as CEO and Senior Vice President, through periods of rapid revenue growth, digital transformation, critical fundraising and successful acquisition.

ACAMS – Total sales up +9.6% in H1, reflecting double-digit growth in the core Americas and APAC segments, generating very strong EBITDA growth.
(full consolidation)

ACAMS, the global leader in training and certifications for anti-money laundering and financial-crime prevention professionals, generated total revenue of $53.4 million, up +9.6% compared to the first half of 2024. First-half results were driven by double-digit growth in Americas and APAC segments, with both bank and non-bank customers, as well as improved conference sponsorship & exhibition sales.

H1 growth reflects momentum from recent strategic and organizational changes including the senior leadership additions in 2024, a shift in focus to selling solutions for large enterprise customers, market expansion with the introduction of the Certified Anti-Fraud Specialist certification (CAFS), and investments in the technology platform.

EBITDA¹⁶ for the first half was c.$13.7 million, up 53.9% vs. H1 2024 and reflecting a 25.7% margin, up 740 bps year-over-year. The strong increase in first half profitability largely reflects the aforementioned revenue growth as well as strong cost control by the Company’s management.

As of June 30, 2025, net debt totaled $161.2 million¹⁷, down from $165.0 million at the end of 2024, which represents 4.8x EBITDA as defined in ACAMS’ credit agreement, with ample room relative to the 9.5x covenant level.

ACAMS anticipates continued mid-to-high single digit growth in revenues for 2025. To support its long-term development, which is expected to produce accelerated levels of growth and profitability over the next several years, additional investments and hirings will be made in H2 2025, leading to more normalized c.25% margin for the full year.

Scalian – Total sales down 5.2% in first-half 2025, reflecting persistently tough market conditions for engineering services and digital services companies. Equity contributions by Wendel since the beginning of the year totalling €41.5 million to support Scalian’s acquisition-led growth and strengthen its balance sheet.

Changes in governance with the appointment of a new Chief Executive Officer.

Scalian, a leader in digital transformation and operational performance consulting, reported total sales of €257.6 million as of June 30, 2025, down 5.2% year on year. The downturn in sales continues to take hold in several sectors and geographies, particularly in France and in automotive in Germany. Sales were down 11.1% on a like-for-like basis (including a negative currency impact), and benefited from a positive scope effect of 5.9% driven by acquisitions that were accretive in terms of growth and margins.

Other European countries and North America reported further robust growth, buoyed by the acquisition of Mannarino, which made a significant contribution to half-year earnings thanks to strong business momentum.

Scalian generated €28.9 million in EBITDA¹⁸ over first-half 2025. The EBITDA margin stood at 11.2% of sales, in line with the level recorded for full-year 2024, reflecting a tight rein on costs. As of June 30, 2025, net debt¹⁹ stood at €354.8 million (leverage of 6.7x²⁰ EBITDA).

Over the past 24 months, Scalian has undertaken bold transformation initiatives, which are being accelerated in 2025 in response to the worsening market environment:

Creation of a team focusing on key strategic clients and sectors with high growth potential
Expansion of the bestshoring platform
Launch of the “One Motion” plan, a transformation designed to improve the efficiency of the Scalian business model in three areas (sales and staffing, automation for productivity, and finance and operations)
Dynamic management of utilization rates
Accelerated integration of acquisitions and generation of related synergies
Targeted indirect cost reduction actions
More disciplined management of working capital

These initiatives, aimed at strengthening Scalian’s business model and attractiveness, have already had a positive impact, and have led to significant commercial successes in recent months, including major agreements in the aerospace and defense sectors.

Since the beginning of the year, Wendel has injected an additional €41.5 million in equity to support Scalian’s acquisition-led growth and strengthen its balance sheet.

Wendel is also announcing today a major change in Scalian’s governance, with the appointment of a new Chief Executive Officer effective October 1 at the latest, the date on which Yvan Chabanne will step down following a decade of intensive development. The aim is to launch Scalian into the next cycle of growth and transformation with a new Chief Executive Officer, who has already been identified, also a highly experienced executive from the engineering industry, whose name will be announced shortly.

David Darmon, Chairman of Scalian’s Supervisory Board:

“On behalf of the Wendel Group, I would like to extend my warmest thanks to Yvan Chabanne for his remarkable achievements and unfailing commitment at the helm of Scalian, the brand he founded. Under his leadership, the Group has undergone an exceptional transformation: it has expanded strongly on an international level, become a leader in engineering, digital transformation and operational performance consulting, strengthened its positions with major customers and multiplied its sales almost ten-fold – half of which through a dozen acquisitions. Today, consolidated sales stand at around €530 million.

We are delighted to welcome on board a new Chief Executive Officer whose international background, in-depth knowledge of our businesses and unifying leadership skills will be key assets in supporting the Group’s development going forward. We look forward to working alongside the future Chief Executive Officer on an ambitious value creation plan, which will unleash the full potential of this magnificent company, driven by the expertise, dedication and talent of its teams.”

Globeducate – Total sales up +10.9%²¹over 6-month period ending May 31, 2025. Annualized EBITDA margin c.25%²²in line with expectations.

(Accounted for by the equity method. Globeducate acquisition was completed on October 16^th, 2024. Indian operations are deconsolidated and accounted for by the equity method due to the absence of audited figures. 6-month revenue and EBITDA from December 1, 2024 to May 31, 2025).

Globeducate, one of the world’s leading bilingual K-12 education groups, posted total sales of €224.7 million¹ for the 6-month period ending May 31, 2025, representing a total increase of +10.9% over last year. Of this increase, +3.3% came from accretive M&A transactions.

EBITDA² for the same period stood at €77.7 million. EBITDA is always particularly high at this time of year driven by the seasonality of the business (revenues are recognized over the academic year while costs are spread out across the entire fiscal year) and will smooth out over the next quarter. EBITDA was in line with expectations and ensures an annualized EBITDA margin at c.25%. This solid financial performance was fueled by a combination of organic and external growth as well as strict cost control.

Since the beginning of Globeducate’s fiscal year (September 1, 2024 – August 31, 2025), the Group has completed 3 acquisitions: Olympion School and the International School of Paphos in Cyprus, and l’Ecole des Petits in the UK.

Net debt as of May 31, 2025, was €739.6 million²³ and leverage stood at 6.3x⁴.

Consolidated Accounts

The Supervisory Board met on July 30, 2025, under the chairmanship of Nicolas ver Hulst, to review Wendel’s condensed consolidated financial statements, as approved by the Executive Board on July 25, 2025. The interim financial statements were subject to a limited review by the Statutory Auditors prior to publication.

Wendel Group’s consolidated net sales totaled €4,177.6 million, up +7.2% overall and up +3.9% organically. FX contribution is -2.1% and scope effect is +5.4%.

The net income from operations of Group companies, Group share amounted to €86.0 million, down -17.9%.

Financial expenses, operating expenses and taxes recorded by Wendel represented €46.0 million, up €13.2 million from the €32.9 million reported in H1 2024, mainly due to lower returns from cash. Operating expenses were down 15.6% due to good cost control.

H1 2025 net income Group share €4.3 million vs. €388.2 million in the first half of 2024, reflecting a €418.6 million capital gain group share from the disposal of Constantia Flexibles in H1 2024. In H1 2025, The impact (group share) of impairment on investments was limited over the period, as the reversal of the impairment on Tarkett Participation was offset by the impairment recognized on Scalian, as a result of the slowdown in its markets. The gain on the forward sale of Bureau Veritas in 2025 and the positive change in the fair value of IHS are not recognized in the income statement but in shareholder equity.

Estimated impact of new tariffs on Wendel’s businesses

Wendel Group’s companies are mainly business services, and are therefore only slightly directly impacted by conflicts over tariffs. For industrial companies (Stahl and Tarkett), these two companies have production units generally located in the countries in which they generate their revenues. According to the information available, the direct impact for these two companies is limited. The lack of visibility on the evolution of tariffs, as well as their real impact on global economic growth and USD exchange rates, constitute the main risk on the value creation potential of our assets. In the second quarter of 2025, the main indirect impact of trade tariffs was on the euro-dollar exchange rate, which impacted the valuation of some of our assets, mainly US companies or listed in the US. The impacts of trade tariffs specific to each company are described in the relevant sections of this press release.

Agenda

Thursday, October 23, 2025

Q3 2025 Trading update – Publication of NAV as of September 30, 2025 (post-market release)

Friday, December 12, 2025,

2025 Investor Day.

Wednesday, February 25, 2026

Full-Year 2025 Results – Publication of NAV as of December 31, 2025, and Full-Year consolidated financial statements (post-market release)

Wednesday, April 22, 2026

Q1 2026 Trading update – Publication of NAV as of March 31, 2026 (post-market release)

Thursday, May 21, 2026

Annual General Meeting

Wednesday, July 29, 2026

H1 2026 results – Publication of NAV as of June 30, 2026, and condensed Half-Year consolidated financial statements (post-market release)

About Wendel

Wendel is one of Europe’s leading listed investment firms. Regarding its principal investment strategy, the Group invests in companies which are leaders in their field, such as ACAMS, Bureau Veritas, Crisis Prevention Institute, Globeducate, IHS Towers, Scalian, Stahl and Tarkett. In 2023, Wendel initiated a strategic shift into third-party asset management of private assets, alongside its historical principal investment activities. In May 2024, Wendel completed the acquisition of a 51% stake in IK Partners, a major step in the deployment of its strategic expansion in third-party private asset management and also completed in March 2025 the acquisition of 72% of Monroe Capital. As of June 30, 2025, Wendel manages 39 billion euros on behalf of third-party investors, and c.6.2 billion euros invested in its principal investments activity.

Wendel is listed on Eurolist by Euronext Paris.

Standard & Poor’s ratings: Long-term: BBB, stable outlook – Short-term: A-2

Wendel is the Founding Sponsor of Centre Pompidou-Metz. In recognition of its long-term patronage of the arts, Wendel received the distinction of “Grand Mécène de la Culture” in 2012.For more information: wendelgroup.com

Appendix 1: H1 2025 Consolidated sales and results

H1 2025 consolidated net sales

(in millions of euros)	H1 2024	H1 2025	Δ	Organic Δ
Bureau Veritas	3,021.7	3,192.5	+5.7%	+6.7%
Stahl	464.7	462.9	-0.4%	-5.9%
Scalian ⁽¹⁾	271.8	257.6	-5.2%	-11.1%
CPI	61.9	63.7	+3.0%	+3.2%
ACAMS	44.5	48.8	+9.6%	+9.8%
IK Partners ⁽²⁾	33.4	91.2	n.a.	n.a.
Monroe Capital ⁽³⁾	n.a.	60.8	n.a.	n.a.
Consolidated sales	3,897.9	4,177.6	+7.2%	+3.9%

(1) Scalian, which had a different reporting date to Wendel (refer to 2023 consolidated financial statements – Note 2 – 1.” Changes in scope of consolidation in 2023″), realigns its closing date with Wendel group. Consequently, sale’s contribution corresponds to 6 months’ sales between January 1st 2025 and June 30 2025. The contribution published last year (€278.2M) corresponded to 6 months’ sales between October 1st 2024 and March 31st 2025.

(2) Acquisition d’IK Partners in May 2024. Contribution of sales for 2 months in 2024 versus 6 months in 2025.

(3) Contribution of 3 months’ sales from April 1st, 2025 to June 30, 2025. Including PRE.

H1 2025 net sales of equity-accounted companies

(in millions of euros)	H1 2024	H1 2025	Δ	Organic Δ
Tarkett ⁽⁴⁾	1,558.7	1,573.5	+0.9%	-0.2%
Globeducate ⁽⁵⁾	n.a.	224.7	n.a.	n.a.

(4) Selling price adjustments in the CIS countries are historically intended to offset currency movements and are therefore excluded from the “organic growth” indicator.

(5) Contribution of 6 months of sales from December 1st, 2024 to May 31st, 2025 excluding India.

H1 2025 consolidated results

(in millions of euros)	H1 2024	H1 2025
Contribution from asset management	11.6	49.0
Consolidated subsidiaries	364.6	353.8
Financing, operating expenses and taxes	-32.9	-46.0
Net income from operations⁽¹⁾	343.4	356.8
Net income from operations, Group share	*104.8*	*86.0*
Non-recurring income/loss	643.4	15.7
Impact of goodwill allocation	-50.4	-65.1
Impairment	-90.6	-39.4
Total net income ⁽²⁾	845.8	268.0
Net income, Group share	388.2	4.3

(1) Net income before goodwill allocation entries and non-recurring items.

(2) IHS is accounted for as financial assets through OCI

H1 2025 net income from operations

(in millions of euros)	H1 2024				H1 2025	Change
IK Partners				11.6	30.3	+161.8%
Monroe Capital				n.a.	18.7	n.a.
Total contribution from asset management				11.6	49.0	n.a.
Total contribution from AM Group share				5.9	29.3	+153.2%
Bureau Veritas	302.5				307.9	+1.8%
Stahl	52.6				36.0	-31.6%
Scalian	0.3				-6.5	n.a.
CPI	4.8				6.0	+23.7%
ACAMS	-3.0				-1.3	n.a.
Tarkett (equity accounted)	7.4				3.7	-50.4%
Globeducate (equity accounted)	n.a.				8.0	n.a;
Total contribution from Group companies		364.6			353.8	-3.0%
of which Group share	131.6				102.5	-22.1%
Operating expenses net of management fees			-38.2		-32.2	-15.6%
Taxes	-1.7				-2.1	+21.3%
Financial expenses	19.0				-1.0	-105.3%
Non-cash operating expenses	-11.9				-10.5	-11.2%
Net income from operations	343.4				356.8	+3.9%
of which Group share	104.8				86.0	-17.9%

Appendix 2: Conversion from accounting presentation to economic presentation

Please refer to table 5.1 of the consolidated statements.

Appendix 3: Glossary

AUM (Assets under Management): Corresponding – for a given fund – to total investors’ commitment (during the fund’s investment period) or total invested amount (post investment period)
FRE (Fee-Related Earnings): Earnings generated by recurring fee revenues (mainly management fees). It excludes earnings generated by more volatile performance-related revenues.
GP (General Partner): Entity in charge of the overall management, administration and investment of the funds. The GP is paid by management fees charged on assets under management (AuM)

1 Fully diluted of share buybacks and treasury shares. Net Asset Value non fully diluted stands at €164.1.
2 As of end of June 2025, AuM of IK Partners and Monroe Capital

3 This amount includes usual closing adjustments

4 Including sponsor money commitment in IK (-€434m partly called as of 06.30.2025) & expected commitments in Monroe Capital (-$200m partly called as of 06.30.2025), IK Partners transaction deferred payment (-€131m), Monroe Capital 100% acquisition (including estimated earnout and puts on residual capital, i.e -$527M), and pro forma of Bureau Veritas dividend payment in July (€80.9 million).

5 As of end of June 2025

6 Based on USD/EUR exchange rate of 1.08

7 IK Partners and Monroe Capital

8 Commitments not yet invested

9 Fee Paying AuM

10 (Net cash generated from operating activities – lease payments + corporate tax)/adjusted operating profit

11 EBITDA including IFRS 16 impacts, EBITDA excluding IFRS 16 stands at €87.6m.

12 Including IFRS 16 impacts. Net debt excluding the impact of IFRS 16 was €341.8m.

13 Leverage as per credit documentation definition.

14 Recurring EBITDA post IFRS 16. Recurring EBITDA pre IFRS 16 was $29.3m

15 Post IFRS 16 impact. Net debt pre IFRS 16 impact was $367.9m.

16 EBITDA including IFRS 16. EBITDA excluding IFRS16 stands at $13.1m

17 Including IFRS 16 impacts. Net debt excluding the impact of IFRS 16 was $159.5 million.

18 EBITDA including IFRS 16 impact. Excluding IFRS 16, EBITDA stands at €24.2 million.

19 Net debt including IFRS 16 impact. Excluding IFRS 16, net debt stands at €324.0 million.

20 As per credit documentation (pre IFRS 16).

21 6-month revenue from December 1, 2024, to May 31, 2025. Indian operations are deconsolidated and accounted for by the equity method due to the absence of audited figures. These figures are compared with the same period last year and are estimated and non-audited.

22 EBITDA including IFRS 16 impacts and excluding Indian activities.

23 Including IFRS 16 impacts; excluding IFRS 16, net debt stood at €572.1 million.

⁴ Leverage as per credit documentation definition.

Attachment

Wendel_EN_H1 2025

The MIL Network –

July 31, 2025

MIL-OSI: Crédit Mutuel Alliance Fédérale – 2025 Half-year results press release

Source: GlobeNewswire (MIL-OSI)

Results for the period ended June 30, 2025¹

Press Release

Strasbourg, July 30, 2025

First half of 2025:
very strong business activity and solid results,
penalized by the non-recurring income tax surcharge

Crédit Mutuel Alliance Fédérale posted solid results in the first half of 2025, demonstrating the strength of its universal banking and insurance model and the relevance of its Togetherness Performance Solidarity 2024-2027 strategic plan.

The mutualist group’s operating results reached record levels, with net revenue of €8.8 billion (+6.2%) and income before tax of €2.9 billion (+8.4%). Net income came to €1.8 billion, (-10.1%), penalized by €314 million due to the non-recurring income tax surcharge introduced by the French 2025 Finance Act.

All business lines delivered solid performances. The banking networks were buoyed by improved net interest margin and a rebound in new business. The insurance and specialized business lines remain solid, despite being particularly hard hit by the surcharge.

Total cost of risk stabilized at €902 million (-5.8%). It remains high due to the difficulties faced by companies in the current economic climate. With €68 billion in shareholders’ equity and a CET1 ratio of 19.5% estimated at June 30, 2025, the group ranks among the most solid banks in the Eurozone.

General operating expenses amounted to €5 billion (+6.7%). They reflect Credit Mutuel Alliance Federale’s investments to maintain its technological lead, expand in France and Europe with the planned acquisition of German bank OLB, and maintain a strong social pact.

Crédit Mutuel Alliance Fédérale, the first bank to adopt the “benefit corporation” approach, has stepped up its efforts to promote the common good. Twenty strong commitments have been adopted by the Chambre Syndicale et interfédérale, its mutualist parliament. These include the Societal Dividend, which allocates 15% of its consolidated net income each year to building a fairer, more sustainable world.

Results for the period ended June 30, 2025	06/30/2025	06/30/2024	Change
Record net revenue	€8.768bn	€8.257bn	+6.2 %
of which retail banking	€6.466bn	€6.094bn	+6.1 %
of which insurance	€812m	€701m	+15.9 %
of which specialized business lines ²	€1.532bn	€1.491bn	+2.8 %
General operating expenses reflecting investments	-€5.026bn	-€4.712bn	+6.7 %
Stabilized cost of risk	-€902m	-€957m	-5.8 %
Record income before tax	€2.863bn	€2.641bn	+8.4 %
Net income down due to the corporate tax surcharge effect	€1.826bn	€2.032bn	-10.1 %
of which income tax surcharge	-€314m	N/A	N/A

RENEWED GROWTH IN FINANCING³: +1.1%
Home loans	Equipment loans	Consumer credit
€263.6bn	€146.9bn	€58.3bn

A SOLID FINANCIAL STRUCTURE
CET1 ratio⁴	Shareholders’ equity
19.5%	€67.7bn

1 Unaudited financial statements – limited review currently being conducted by the statutory auditors. The Board of Directors met on July 30, 2025 to approve the financial statements. All financial communications are available at www.bfcm.creditmutuel.fr and are published by Crédit Mutuel Alliance Fédérale in accordance with the provisions of Article L. 451-1-2 of the French Monetary and Financial Code and Articles 222-1 et seq. of the General Regulation of the French Financial Markets Authority (Autorité des marchés financiers – AMF). ² Specialized business lines include corporate banking, capital markets, private equity, asset management and private banking. ³ Change in outstandings calculated over twelve months. ⁴ Estimated at June 30, 2025, the inclusion of the result in shareholders’ equity is subject to the approval of the ECB.

Attachment

Crédit Mutuel Alliance Fédérale – 2025 half-year results press release

The MIL Network –

July 31, 2025

MIL-OSI Africa: Modi’s visit to Ghana signals India’s broader Africa strategy. A researcher explains

Source: The Conversation – Africa – By Veda Vaidyanathan, Associate, Harvard University Asia Center, Harvard Kennedy School

Ghana has historically been an anchor of Indian enterprise and diplomacy on the African continent.

New Delhi and Accra formalised ties in 1957. At the time, their partnership was grounded in shared anti-colonial ideals and a common vision for post-independence development. India offered counsel on building Ghana’s institutions, including its external intelligence agency. Meanwhile, Indian teachers, technicians, and traders regularly travelled to the west African country in search of opportunity.

The July 2025 visit of the Indian prime minister, Narendra Modi, to Ghana – the first by an Indian leader in over three decades – came at a critical moment for the continent. As the global order shifts towards multi-polarity, countries like Ghana are navigating a complex landscape, which includes western donors scaling back commitments. This has opened space to deepen cooperation through pragmatic, interest-driven collaborations with longstanding partners like India. Speaking at the Munich Security Conference, Ghana’s President John Mahama captured the spirit of this global realignment, noting that

as bridges are burning, new bridges are being formed.

Against this backdrop, Prime Minister Modi’s visit offered an opportunity to both revive and recalibrate bilateral ties. The visit carried a strong economic and strategic orientation. Ghana positioned itself as a partner in areas where India holds comparative advantage, such as pharmaceuticals. Over 26% of Africa’s generic medicines are sourced from India. The Food and Drugs Authority’s (Ghana’s regulator of pharmaceutical standards) listing of foreign pharmaceutical manufacturing facilities is dominated by Indian firms.

Defence cooperation was also on the agenda. Ghana is looking to India for training, equipment and broader security engagement in response to rising threats from the Sahel and coastal piracy.

This emphasis on shared security interests is underscored by Ghana’s alignment with India on counter-terrorism. President Mahama for instance has condemned the Pahalgam terrorist attacks that occurred in April, 2025.

Reviving economic ties

Economic ties are at the heart of this renewed engagement between the two countries. Bilateral trade currently stands at around US$3 billion. Both leaders aim to double it to US$6 billion over the next five years. Currently, Ghana enjoys a trade surplus with India. This is mainly due to gold exports, which account for over 70% of its shipments. Cocoa, cashew nuts, and timber are also key exports, while imports from India include pharmaceuticals, machinery, vehicles, and various industrial goods.

India has invested more than US$2 billion in Ghana. These investments span private capital, concessional finance and grants across 900 projects. India now ranks among Ghana’s top investors. Indian firms and state-backed institutions play a key role in critical infrastructure development. Landmark projects include the 97km standard gauge Tema-Mpakadan Railway Line and the Ghana-India Kofi Annan ICT Centre, a hub for innovation and research.

In an earlier study, I documented the perspectives of Indian entrepreneurs in Ghana. The findings underscored the country’s appeal as a land of economic opportunity. In interviews, Indian businesses highlighted Ghana’s stable political environment. An expanding consumer base, and relatively transparent regulatory framework were also mentioned. Together, these factors continue to attract investor interest.

This economic momentum likely paved the way to pursue a closer bilateral relationship, marked by the elevation to a ‘Comprehensive Partnership’.

While delegates in the July visit addressed issues such as financial inclusion, healthcare and agriculture, the tangible outcomes were limited. Four memoranda of understanding were signed. They cover cooperation on traditional medicine, regulatory standards and cultural exchange. The creation of a joint commission to structure and advance bilateral collaboration across priority sectors was also signed.

Moving forward, Ghana offers India an entry point into west Africa’s resource landscape. With reserves of gold, bauxite, manganese and lithium, Ghana is well positioned to contribute to India’s needs for critical minerals. President Mahama’s invitation for investment in mineral extraction and processing aligns with India’s National Critical Mineral Mission, New Delhi is looking for supply chains for its energy transition. It creates an opportunity for Indian mining companies to expand into African markets.

Read more: The world is rushing to Africa to mine critical minerals like lithium – how the continent should deal with the demand

Pragmatic diplomacy

With nearly US$100 billion in trade, cumulative investments of nearly US$75 billion, and a 3.5 million strong diaspora, the broader contours of India’s Africa policy is increasingly pragmatic and issue based.

New Delhi’s evolving relations with Accra reflects this. It comes as Ghana is making sweeping economic reforms domestically, particularly in fiscal management and debt restructuring.

This ambitious “economic reboot” hinges on attracting private sector investment. In this context, the Indian diaspora, already deeply embedded in Ghana’s commercial networks, is well positioned to foster stronger economic ties.

In his address to Ghana’s Parliament, The Indian Prime Minister spoke of development cooperation that is demand driven and focused on building local capacity and creating local opportunities. This approach “to not just invest, but empower”, signals India’s growing intent to anchor relationships in mutual agency, rather than dependency.

– Modi’s visit to Ghana signals India’s broader Africa strategy. A researcher explains
– https://theconversation.com/modis-visit-to-ghana-signals-indias-broader-africa-strategy-a-researcher-explains-261187

MIL OSI Africa –

July 31, 2025
MIL-OSI Analysis: Starmer’s move on Palestinian statehood is clever politics

Source: The Conversation – UK – By Brian Brivati, Visiting Professor of Contemporary History and Human Rights, Kingston University

Keir Starmer has announced that the UK will recognise Palestinian statehood by September 2025 unless Israel meets certain conditions, marking a significant shift in UK policy.

For decades, successive UK governments withheld recognition, insisting it could only come as part of a negotiated settlement between Israel and Palestine. This position, rooted in the Oslo accords of the 1990s and aligned with US policy, effectively gave Israel a veto over Palestinian statehood. As long as Israel refused to engage seriously in peace talks, the UK refrained from acting.

Starmer has now broken with this precedent, potentially aligning the UK with 147 other countries. But the Israeli government must take what the UK calls “substantive steps” toward peace. These include agreeing to a ceasefire in Gaza, allowing full humanitarian access, explicitly rejecting any plans to annex West Bank territory, and returning to a credible peace process aimed at establishing a two-state solution.

Read more:
UK to recognise Palestinian statehood unless Israel agrees to ceasefire – here’s what that would mean

If Israel meets these conditions, the UK would presumably withhold recognition until the “peace process” has been completed. Starmer made clear that Britain will assess Israeli compliance in September and reserves the right to proceed with recognition regardless of Israel’s response. The message was unambiguous: no one side will have a veto.

This is more than just clever internal politics and party management. Anything that puts any pressure on Israel to move towards peace should be welcomed. But will it amount to much more than that?

Starmer has faced criticism over the last few years for resisting recognising Palestine as a state. While Labour’s frontbench held the line for much of the past year, rank-and-file discontent has grown – and with it, the political risks.

At the heart of Labour’s internal tensions lie two irreconcilable blocs. On one side are MPs and activists – both inside the party and expelled from it – who are vocally pro-Palestinian and have been outraged by the government’s failure to act. On the other side are members of the Labour right who continue to back Israel, oppose unilateral recognition of statehood and focus on the terrible crimes of Hamas but not the IDF campaign in Gaza.

Between them sits a soft-centre majority, for whom foreign policy is not a defining issue. They are not ideologically committed to either side but have become increasingly uneasy with the escalating violence and the UK’s diplomatic inertia.

As the humanitarian catastrophe in Gaza deepens, public outrage in the UK has grown. Mass protests have put mounting pressure on the government to act. Within parliament, over 200 MPs, including many from Labour, signed a letter demanding immediate recognition of Palestine. Senior cabinet ministers reportedly pushed hard for the shift on electoral grounds, as well as principle.

International dynamics have also played a crucial role. France’s announcement that it would recognise Palestine by September, becoming the first major western power to do so, created additional pressure. Spain, Ireland, Norway and several other European states have already taken the step. Britain chose to align itself with this emerging consensus.

These pressures combined created a sense of urgency and political opportunity. Starmer’s government appears to be using the threat of recognition as leverage –pressuring Israel to return to negotiations and halt annexation plans.

The calculation seems to be that Israel will either meet the UK’s conditions or face diplomatic consequences, including recognition of Palestine without its consent. There is also the possibility that Israel will simply ignore the UK and press on with its campaign for “Greater Israel”.

Challenges ahead

That is why, while this is a meaningful departure from the past, it is not without problems. Chief among them is the principle of conditionality itself. By making recognition contingent on Israeli behaviour, the UK risks reinforcing the very logic it claims to be rejecting – that Palestinian rights can be granted or withheld based on the actions of the occupying power.

Recognition of statehood should not be used as a diplomatic carrot or stick. It is a matter of justice, not reward. Palestinians are entitled to self-determination under international law.

There is also concern that the September deadline could become another missed opportunity. If Israel makes vague or symbolic gestures – such as issuing carefully worded statements or temporarily suspending one settlement expansion – will the UK delay recognition further, claiming that “progress” is being made?

Palestinians have seen such tactics before. Recognition has been delayed for decades in the name of preserving leverage. But leverage for what?

The Israeli government, dominated by ultra-nationalists and pro-annexation hardliners, is unlikely to satisfy the UK’s conditions in good faith. The risk is that the deadline becomes a mirage – always imminent, never reached.

Recognition also comes as part of a proposed new peace plan. This will be supported by the UK, France and Germany, and it allows the government to say it is being consist with its policy that recognition is part of a peace plan.

If, by some miracle, pressure works and Israel meets all the conditions, then the UK can claim that recognition has played a role in bringing Israel back to the negotiating table.

But if recognition is then withheld, there will not be two equal actors at that table. The State of Palestine will not have been recognised by key international players, and a new round of western-run peace processes will begin. These do not have a good track record.

If Israel fails to agree to a ceasefire and let aid into Gaza, then Starmer will be forced to go through with recognition.

For now, he has defused the internal division in his party. It is clever politics, good party management – it remains to be seen if it is also statesmanship.

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

Brian Brivati is affiliated with Britain Palestine Project, a Scottish Charity that campaigns for equal rights, justice and security for Israelis and Palestiniains

– ref. Starmer’s move on Palestinian statehood is clever politics – https://theconversation.com/starmers-move-on-palestinian-statehood-is-clever-politics-262239

MIL OSI Analysis –

July 31, 2025
MIL-OSI Analysis: Why the Pacific tsunami was smaller than expected – a geologist explains

Source: The Conversation – UK – By Alan Dykes, Associate Professor in Engineering Geology, Kingston University

The earthquake near the east coast of the Kamchatka peninsula in Russia on July 30 2025 generated tsunami waves that have reached Hawaii and coastal areas of the US mainland. The earthquake’s magnitude of 8.8 is significant, potentially making it one of the largest quakes ever recorded.

Countries around much of the Pacific, including in east Asia, North and South America, issued alerts and in some cases evacuation orders in anticipation of potentially devastating waves. Waves of up to four metres hit coastal towns in Kamchatka near where the earthquake struck, apparently causing severe damage in some areas.

But in other places waves have been smaller than expected, including in Japan, which is much closer to Kamchatka than most of the Pacific rim. Many warnings have now been downgraded or lifted with relatively little damage. It seems that for the size of the earthquake, the tsunami has been rather smaller than might have been the case. To understand why, we can look to geology.

The earthquake was associated with the Pacific tectonic plate, one of several major pieces of the Earth’s crust. This pushes north-west against the part of the North American plate that extends west into Russia, and is forced downwards beneath the Kamchatka peninsula in a process called subduction.

The United States Geological Survey (USGS) says the average rate of convergence – a measure of plate movement – is around 80mm per year. This is one of the highest rates of relative movement at a plate boundary.

But this movement tends to take place as an occasional sudden movement of several metres. In any earthquake of this type and size, the displacement may occur over a contact area between the two tectonic plates of slightly less than 400km by 150km, according to the USGS.

The Earth’s crust is made of rock that is very hard and brittle at the small scale and near the surface. But over very large areas and depths, it can deform with slightly elastic behaviour. As the subducting slab – the Pacific plate – pushes forward and descends, the depth of the ocean floor may suddenly change.

Nearer to the coastline, the crust of the overlying plate may be pushed upward as the other pushed underneath, or – as was the case off Sumatra in 2004 – the outer edge of the overlying plate may be dragged down somewhat before springing back a few metres.

It is these near-instantaneous movements of the seabed that generate tsunami waves by displacing huge volumes of ocean water. For example, if the seabed rose just one metre across an area of 200 by 100km where the water is 1km deep, then the volume of water displaced would fill Wembley stadium to the roof 17.5 million times.

A one-metre rise like this will then propagate away from the area of the uplift in all directions, interacting with normal wind-generated ocean waves, tides and the shape of the sea floor to produce a series of tsunami waves. In the open ocean, the tsunami wave would not be noticed by boats and ships, which is why a cruise ship in Hawaii was quickly moved out to sea.

Waves sculpted by the seabed

The tsunami waves travel across the deep ocean at up to 440 miles per hour, so they may be expected to reach any Pacific Ocean coastline within 24 hours. However, some of their energy will dissipate as they cross the ocean, so they will usually be less hazardous at the furthest coastlines away from the earthquake.

The hazard arises from how the waves are modified as the seabed rises towards a shoreline. They will slow and, as a result, grow in height, creating a surge of water towards and then beyond the normal coastline.

The Kamchatka earthquake was slightly deeper in the Earth’s crust (20.7km) than the Sumatran earthquake of 2004 and the Japanese earthquake of 2011. This will have resulted in somewhat less vertical displacement of the seabed, with the movement of that seabed being slightly less instantaneous. This is why we’ve seen tsunami warnings lifted some time before any tsunami waves would have arrived there.

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Alan Dykes does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Why the Pacific tsunami was smaller than expected – a geologist explains – https://theconversation.com/why-the-pacific-tsunami-was-smaller-than-expected-a-geologist-explains-262273

MIL OSI Analysis –

July 31, 2025
MIL-OSI Analysis: As climate change hits, what might the British garden of the future look like?

Source: The Conversation – UK – By Adele Julier, Senior Lecturer in Ecology, University of Portsmouth

Maria Evseyeva/Shutterstock

Hosepipe bans in summer 2025 will mean many gardeners having to choose which of their plants to keep going with the watering can, and which to abandon. Are these temporary restrictions actually a sign we need to rethink British gardens altogether?

Climate change will bring the United Kingdom warmer, wetter winters and hotter, drier summers. Britain has seen warm periods before, such as in the last interglacial period 130,000 years ago, but the current speed of change is unprecedented. This will have many effects, but it will also change one of the core parts of British life: our gardens.

Rather than fighting the inevitable and trying to keep growing the same plants we have always grown, how might we adapt what we grow and how we grow it?

The first to go, tragically for some, may be the classic British lawn. Already this year across the country, large areas of grass are looking parched and brown in the face of a long drought. The traditional lawn has just a few species of grass and is unlikely to be very drought-resistant. You can maintain a grass lawn that is more tolerant of dry weather by using drought-resistant fescue species of grass, and keeping the lawn well aerated (that means putting small holes in it to allow air, water and nutrients to reach the grass roots). But it may still suffer periods in which it looks unhealthy.

Swapping a lawn for a meadow can increase drought tolerance and decrease maintenance such as regular mowing and watering, because meadows only need to be cut once a year and don’t need as much water. Perhaps instead of lawns we can embrace No Mow May all year round, creating a greater diversity of plant and animal life in gardens.

Wildflowers such as yarrow and common knapweed can be great for pollinators and the birds that feed on them. These plants are drought-tolerant too.

As well as challenges in the face of a changing climate, there will be opportunities. Grape vines were grown in Britain in Roman times, and British wine production is once again a growing industry. Regular British gardeners could also grow a wider variety of grape vines, and even make their own wine. Warmer, drier summers could make plants such as citrus and olive trees easier to grow, with fruits more likely to ripen and less likely to be lost to frost in winter. Sunflowers, while they already grow here, could also thrive in the new conditions.

There will be a shift in the best types of decorative plants for gardens, with those needing lots of water, such as hydrangeas, delphiniums and gentians, becoming difficult to grow. We could look to the Mediterranean for inspiration, and choose shrubs such as thyme and lavender, or climbers like passion flowers, that need less water. It is also possible to grow a drought-tolerant garden with plants that are native to Britain, such as species of Geranium and Sedum. Coastal plants such as sea kale and sea holly that grow in harsh, rocky conditions can also make great garden plants in a drier climate.

Sea holly doesn’t mind our changing climate as much as other garden plants.
olko1975/Shutterstock

Finally, the way we garden will need to change. Setting up water storage systems, from simple water butts to larger, more complex systems that could include grey water harvesting (used but clean water from baths and washing up) or underground water storage, will help gardeners to make the most of storms by storing the rainwater for use during droughts. You can set up a dispersion system to recycle lightly used household water, such as from a dishwasher or shower.

Soil health is important too, as soils with more organic matter are better at holding water. Composting food waste to add to soil would be a great way of helping to increase the organic content and make watering more efficient. This has the added value of avoiding peat composts. Peat comes from wetlands and it will eventually run out. Peat harvesting also releases carbon dioxide into the atmosphere, contributing to climate change.

The next few decades will be challenging for gardeners. Britain will probably experience an increase in prolonged droughts and other extreme weather, as well as overall warming caused by climate change. Our gardens may cover a small proportion of land in the UK. But we can use them to experiment and develop sustainable ways of existing, growing not just new plants but also hope in the face of adversity.

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

Adele Julier does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. As climate change hits, what might the British garden of the future look like? – https://theconversation.com/as-climate-change-hits-what-might-the-british-garden-of-the-future-look-like-261608

MIL OSI Analysis –

July 31, 2025
MIL-OSI Analysis: Windrush scandal: those left to apply for compensation without legal help missed out on tens of thousands of pounds

Source: The Conversation – UK – By Jo Wilding, Lecturer in law, University of Sussex

The Windrush scandal has been one of the biggest miscarriages of justice in Britain, affecting tens of thousands of people. The government set up a scheme in 2019 to award compensation to those who had been wronged by racist immigration legislation over decades, left unable to prove their immigration status.

But in a new report, I have found that how much victims receive through the scheme has little to do with how they were wronged, and more to do with whether they can access a lawyer. Those who applied without legal support were offered tens of thousands of pounds less than when they appealed with legal representation.

The research, produced with law reform charity Justice and Dechert LLP’s pro bono team, provides empirical evidence of precisely what lawyers do that makes a difference.

Our research participants, who were claiming compensation over the Windrush scandal were offered, on average, £11,000 when applying to the scheme without a lawyer. But when applying for review with legal representation, the award was more than £83,000. One of our participants was refused any compensation when he applied alone, but eventually received £295,000 with the help of a lawyer.

Why lawyers are needed

We conducted an in-depth review of ten files where a claimant first applied for compensation without a lawyer, received a refusal or a low offer of compensation, and then applied with a lawyer for review of that decision.

We reviewed another seven files from people who could never have claimed alone, because of street homelessness, dementia or serious health conditions.

The team interviewed each lawyer and (where possible) the claimant, to identify exactly what a lawyer does that makes a difference.

The Home Office insists lawyers are unnecessary because the scheme’s own caseworkers will help find evidence. But our findings suggest serious failings in those efforts. One of the main contributions of lawyers was expertise in finding decades-old evidence and demonstrating how it meets the standard of proof for the Windrush compensation scheme.

One of our claimants applied for compensation for having been refused housing assistance (leaving her homeless) based on a misunderstanding of her immigration status. The Home Office caseworkers emailed her local council and asked whether there was a record of her being refused housing assistance 20 years earlier. The council replied that there was not. The caseworker treated that as evidence that she had never made an application.

When a lawyer got involved, he asked the council to confirm how long they kept housing application records. The answer was 12 years, so there was never any prospect of evidence existing from 20 years ago. The lawyer then managed to track down her housing file with the housing solicitors who represented her.

Lawyers knew how to request files from public bodies, understood the references to statutes in those files and, most importantly, were able to spot when key documents were missing.

The lawyers in the cases we reviewed took detailed witness statements from claimants. Those made by claimants alone averaged 1.5 pages, whereas those made by lawyers were at least 15 pages, containing far more relevant detail showing how the claimant met the scheme criteria.

Lawyers acted as a “buffer” between claimant and Home Office. Claimants told our research team that they felt the Home Office spoke to them with more respect once they had a lawyer. Often, claimants were ready to give up and accept the refusal because they were exhausted and frustrated with fighting the Home Office.

The Windrush scandal has affected tens of thousands of people.
James Ivor Wadlow/Shutterstock

The findings are consistent with other peer-reviewed research exploring what lawyers or representatives add to cases in the family courts and the tribunals: a 15%-18% “representation premium” in chances of success. In some cases, this can be achieved through pre-hearing advice.

All of our participants had a lawyer either through Law Centres funded by a charity, a university law clinic, or private law firms doing the work pro bono. Some firms also do the work on a no-win-no-fee basis, typically taking 25%-30% of the claimant’s damages but on occasion up to 67%. Given that it takes 32-103 hours to prepare the case, the lawyer’s fee may still underrepresent the work they did.

Compensation schemes and legal support

Recent reports have revealed serious problems with the compensation schemes for both the Post Office and the infected blood scandals. The chairs of the respective public inquiries, Sir Wyn Williams and Sir Brian Langstaff, criticised gaps in the provision of access to legal advice and recommended funded legal advice for all claimants.

The Post Office Horizon IT scandal has four compensation schemes for different categories of victim. In each, claimants can choose between a fixed payment (£75,000) or an individual assessment of loss. In three of those schemes, funded legal advice is available to help claimants choose between those options. In the Horizon Shortfall Scheme, though, it is not available unless and until they reject the fixed payment and opt for individual assessment.

The infected blood compensation scheme includes funded legal representation for “core” route claimants – those directly affected. But the inquiry report says it should also be available for claims by affected family members.

Only the Windrush scheme has no provision at all for funded legal representation at any stage. All representation is either a matter of charity, or paid for from the damages, which may leave very little for the claimant.

Yet the Windrush scheme is arguably the most complicated, with a 44-page claim form compared with just eight for the Horizon Shortfall Scheme. The infected blood claim form is largely completed by medical personnel. The Windrush scheme has complex eligibility requirements compared with the other schemes, and often demands an immigration lawyer’s expertise.

As our research found, lawyers were able to advise Windrush claimants on whether the offer of compensation was fair or whether they should apply for review. Our empirical evidence, along with the reports, suggest all compensation schemes involving state harm to citizens should include free legal representation for claimants.

In response to the report, a Home Office spokesperson told the Guardian: “Earlier this year, we launched a £1.5m advocacy support fund to provide dedicated help from trusted community organisations when victims are applying for compensation. However, we recognise there is more to be done, which is why ministers are continuing to engage with community groups on improvements to the compensation scheme, and will ask the new Windrush commissioner to recommend any further changes they believe are required.”

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

Jo Wilding does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Windrush scandal: those left to apply for compensation without legal help missed out on tens of thousands of pounds – https://theconversation.com/windrush-scandal-those-left-to-apply-for-compensation-without-legal-help-missed-out-on-tens-of-thousands-of-pounds-261046

MIL OSI Analysis –

July 31, 2025
MIL-OSI Analysis: The dirty truth about what’s in your socks: bacteria, fungi and whatever lives between your toes
Source: The Conversation – UK – By Primrose Freestone, Senior Lecturer in Clinical Microbiology, University of Leicester

Marko Aliaksandr/Shutterstock

Your feet are microbial hotspots. The area between your toes is packed with sweat glands, and when we wrap our feet in socks and shoes, we trap that moisture in a warm, humid cocoon that’s ideal for microbial growth. In fact, your feet may be home to a miniature rainforest of bacteria and fungi, with anywhere from 100 to 10 million microbial cells per square centimetre of skin surface.

Not only do feet host a huge variety of microorganisms – up to 1,000 different species per person – but they also have a wider range of fungal species than any other part of the body. That means your feet aren’t just sweaty or smelly – they’re genuinely biodiverse.

Because your feet are microbe-rich, your socks become prime real estate for these same bacteria and fungi. Studies show that socks harbour both harmless skin residents, like coagulase-negative staphylococci, and potentially dangerous pathogens, including Aspergillus, Staphylococcus, Candida, Histoplasma and Cryptococcus. These microbes thrive in the warm, moist spaces between your toes, feeding on sweat and dead skin cells.

Their byproducts, such as volatile fatty acids and sulphur compounds, are what give sweaty feet, socks and shoes that notorious odour. It’s not the sweat itself that smells, but the microbial metabolism of that sweat. Perhaps unsurprisingly, smelly feet are so common the NHS has dedicated pages of advice on the issue.

The sock microbiome isn’t just influenced by your feet – it also reflects your environment. Socks pick up microbes from every surface you walk on, including household floors, gym mats, locker rooms and even your garden. They act as microbial sponges, collecting bacteria and fungi from soil, water, pet hair and dander, and the general dust of everyday life. In one study, socks worn for just 12 hours had the highest bacterial and fungal counts of any clothing item tested.

And those microbes don’t stay put. Anything living in your socks can transfer to your shoes, your floors, your bedding – and even your skin. In a hospital study, slipper socks worn by patients were found to carry floor microbes, including antibiotic-resistant pathogens, into hospital beds. It’s a reminder that foot hygiene isn’t just a personal issue – it can have broader implications for infection control and public health.

Super-spreaders

Socks can also play a key role in spreading fungal infections like Tinea pedis (better known as athlete’s foot), a highly contagious condition that primarily affects the toes but can spread to the heels, hands, or even the groin. The infection is caused by dermatophyte fungi, which love warm, damp environments – exactly the kind you find in sweaty socks and tight shoes.

To prevent this, experts recommend avoiding walking barefoot in shared spaces like gyms and pools, not sharing socks, towels, or shoes, and practising good foot hygiene, which includes washing and drying thoroughly between the toes. Topical antifungal treatments are usually effective, but prevention is key.

It’s also important to note that socks can retain fungal spores even after washing. So if you’ve had athlete’s foot, wearing the same pair again – even if it looks clean – could trigger reinfection.

The safest approach is to wear fresh socks daily and allow your shoes to dry out completely between wears. Choose breathable fabrics and avoid footwear that traps heat or causes excessive sweating.

How to wash your socks properly

Most laundry advice focuses on preserving fabric, colour and shape – but when it comes to socks, hygiene matters more. Studies show that washing at typical domestic temperatures (30–40°C) may not be sufficient to kill bacteria and fungi. In fact, under-cleaned socks can act as infection vectors, especially in households with vulnerable people.

To properly sanitise your socks:
- turn them inside out before washing to expose the inner surface where most microbes accumulate
- use an enzyme-based detergent, which helps break down sweat and skin debris
- wash at 60°C when possible, as the higher temperature helps detach and kill microbes
- steam iron your socks if you need to wash at lower temperatures – heat from ironing can destroy residual spores.
Cotton socks tend to tolerate higher temperatures better than synthetic blends, making them a better option for those prone to fungal infections. Drying socks in direct sunlight can also help: UV light has known antimicrobial effects.

The forensic power of sock microbiomes

Your socks might say more about you than you realise. In a US murder investigation, forensic scientists used soil bacteria found on a suspect’s socks to link them to the burial site of a victim.

The microbial profile of the socks closely matched that of the crime scene – suggesting the socks had picked up and preserved location-specific soil microbes. This emerging field of forensic microbiology shows how microbial signatures can offer valuable clues in legal contexts.

It’s a reminder that the ecosystems we carry on our bodies – and in our clothing – are not only complex and revealing but also surprisingly durable. Whether it’s helping to solve crimes or fuelling a fungal outbreak, your socks are far more biologically active than they appear.

So next time you peel off a sweaty pair at the end of the day, spare a thought for the microscopic universe you’ve been walking around in. And maybe, just maybe, opt for that 60-degree wash.

Primrose Freestone does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. The dirty truth about what’s in your socks: bacteria, fungi and whatever lives between your toes – https://theconversation.com/the-dirty-truth-about-whats-in-your-socks-bacteria-fungi-and-whatever-lives-between-your-toes-261580
MIL OSI Analysis –
July 31, 2025
MIL-OSI Analysis: Gradual v sudden collapse: what magnets teach us about climate tipping points

Source: The Conversation – UK – By John Dearing, Emeritus Professor of Physical Geography, University of Southampton

Andrey VP / shutterstock

Some of Earth’s largest climate systems may collapse not with a bang, but with a whimper. Surprisingly, experiments with magnets are helping us understand how.

We now widely accept that greenhouse gases and the way we use natural resources are putting enormous stress on the world’s climate and ecosystems. It’s also well known that even small increases in stress can push Earth systems, like rainforests, ice sheets or ocean currents, past tipping points, leading to major and often irreversible changes.

But there’s a lot we still don’t know about tipping points. When might they happen? What will they look like? And what should we do about them?

Some local tipping points have already been reached. For example, many lakes have abruptly shifted in the past few decades from clear water to slimy, algae-choked pools, usually in response to fertilisers running off nearby farmland.

Smaller systems, like this pond, can very suddenly shift from one state to another.
Janet J / shutterstock

For larger systems, like the entire Amazon forest or the West Antarctic ice sheet, the longer timescales involved mean direct observation – and certainly experiments – are impossible.

But we can look for clues elsewhere. In fact, we can now learn about tipping points from something much smaller and far more controllable: magnets.

Magnets have tipping points too

In our recent research, we used magnetic materials to mimic the behaviour of an ecosystem stressed by global warming. Just like Earth’s climate systems, magnets can tip from one stable state to another – flipping from positive to negative – when pushed hard enough.

We found that magnets don’t all flip the same way. Some shift abruptly – a characteristic of many hard materials. Others shift smoothly and more easily – as commonly found with soft magnets.

Whether a magnet collapses abruptly or smoothly is determined by its structure. As a general rule, hard materials are simple structures that absorb stress up to a point and then suddenly flip – much like a small, well-mixed lake that stays clear until one day, when enough fertiliser has leaked in, it turns green and slimy almost overnight.

Soft magnets, on the other hand, are more complex inside. Different parts respond to stress at different rates. This is similar to a large forest, where some species can handle rising temperatures but others are less resilient.

The result is a reorganisation. Some species die out, others take over, and the whole system gradually transitions into a different type of forest – or even into a new ecosystem like a grassland.

Some Earth systems are more prone to abrupt collapse.
Steve Allen / shutterstock

The same principles may apply beyond biology. Ocean currents and ice sheets with their many varied and moving parts might also behave like soft magnets, reorganising gradually rather than collapsing in one sudden movement.

Softer systems are easier to flip back

Our experiments with magnets uncovered something else with implications for Earth’s climate systems and their tipping points.

The softer a system is, the easier it is to reverse the change – but only if you act before the stress builds up. If the pressure has built up too much, even soft systems start behaving like hard ones, flipping suddenly and dramatically.

We also found that what may look like a soft and complex system – a whole rainforest or ice sheet, for instance – can be made up of lots of smaller hard elements. Each of these elements has its own sensitivity to a specific level of stress. Zoom in far enough, and you’ll see many more abrupt tipping points at the level of a single lake or patch of trees.

This matters because the speed of change is just as important as the amount. In magnets, the faster we applied stress, the more likely they were to tip suddenly. Climate systems seem to behave the same way: the faster we heat the world, the greater the risk of sudden collapse.

If we see these big complex systems slowly shifting and think there’s still time to act – we may be wrong. Like the proverbial frogs in boiling water, we may not notice we have passed the point of no return until it is too late.

This is why we must watch closely, especially at the local level, for any warning signs. A patch of wetland drying out or a small tract of forest dying back. These might seem like small changes, but they may signal a much larger decline is already underway.

Don’t have time to read about climate change as much as you’d like?

Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 45,000+ readers who’ve subscribed so far.

John Dearing is a member of the Green Party of England and Wales.

Roy Thompson and Simon Willcock do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Gradual v sudden collapse: what magnets teach us about climate tipping points – https://theconversation.com/gradual-v-sudden-collapse-what-magnets-teach-us-about-climate-tipping-points-258606

MIL OSI Analysis –

July 31, 2025
MIL-OSI Analysis: How the UK’s cold weather payments need to change to help prevent people freezing in winter

Source: The Conversation – UK – By Thomas Longden, Senior Researcher, Urban Transformations Research Centre, Western Sydney University

DimaBerlin/Shutterstock

The UK government recently expanded the warm home discount by removing restrictions that had previously excluded many people who can’t always afford to heat their homes. Now, the payment of £150 will be received by 2.7 million more households than last winter.

The UK government has also reversed its decision to limit winter fuel payments to only the poorest pensioners. This could benefit up to 9 million people.

The UK government has two other mechanisms for reducing heating costs over winter. The warm home discount and winter fuel payment are both one-off payments that help people pay their heating bills. The cold weather payment aims to support people during spells of very cold weather.

Recipients of specific means-tested benefits in England, Wales and Northern Ireland automatically receive £25 after cold weather occurs in their region. Another policy applies in Scotland, where some people get a single winter heating payment.

While these changes to the winter fuel payment and warm home discount are welcome, the cold weather payment has long been seen as an outdated, old-fashioned scheme in need of change. For example, it is paid after cold weather happens. Our research indicates that it can be improved by changing this.

The wide use of smart meters means that researchers like us can now produce data-driven studies that improve our understanding of energy use and expenditure during cold weather. Our recent studies of prepayment meter customers’ energy use indicate ways to improve the cold weather payments.

Analysis of electricity and gas smart-meter data from 11,500 Utilita Energy prepayment customers showed that 63% of households self-disconnected from energy supply at least once a year. In this study, published in Energy Research & Social Science, we found that more homes self-disconnected from gas during cold periods than at other times. There was no evidence to show that the cold weather payment as presently designed reduced this risk.

Also using smart meter data from energy company Utilita Energy, a recent study published in the journal Energy Economics shows that prepayment gas customers in regions with high fuel poverty tend to struggle at temperatures below −4°C. Below this temperature, prepayment gas customers need to top up more often and with higher amounts. People using prepayment tend to top-up their credit in advance of cold weather.

Cold weather payments could be sent directly to customers with smart meters.
Daisy Daisy/Shutterstock

In colder weather, more people use emergency credit and disconnect from power more often. Emergency credit is provided by the utility as a short-term loan. Self-disconnections occur when the household has no credit left and they have no energy supply.

The government’s payment is triggered when the average temperature falls below 0°C for seven consecutive days. As this metric is not reported by news media or meteorology services, it’s hard to know when the cold weather payment will be received. The easiest way to find out if a payment will be made, after cold weather, requires people to enter their postcode at a Department for Work and Pensions website.

If people are unsure if severe weather is forecast, they may not increase their top-up in advance. They may, however, self-ration or limit energy use to save money.

The cold weather payment is only paid once even when there are multiple periods of cold. This “overlap penalty” severely affects those living in northern England and particularly Yorkshire, which is a colder region where cold weather spells are more common.

Cause for reform

The payment should be made in advance of cold weather, and utility companies could pay it directly to customers who have smart meters. Credits could be applied for those using other types of meters. This is likely to reduce self-disconnections and self-rationing during very cold nights.

Payments should be triggered by the minimum night-time temperature. The temperature measure used at present is confusing and the money is not paid until up to two weeks after extremely cold weather, which is problematic for those on tight budgets.

To better match the support needed during cold weather, the amount paid should be increased to £10 a day for every day that minimum temperatures are forecast to be below −4°C. This would improve energy security for people in England, Wales and Northern Ireland.

A policy will only be effective when it is clearly communicated and understood by those it applies to. To prevent self-rationing, people need to know that payment support has arrived, otherwise they may hesitate to turn up the heating on the coldest days of winter, with all the risks that involves.

Don’t have time to read about climate change as much as you’d like?

Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 45,000+ readers who’ve subscribed so far.

Thomas Longden has recently received funding from Energy Consumers Australia and Original Power – a community-focused, Aboriginal organisation. He is a member of the ACT Climate Change Council and the NSW branch of the Economic Society of Australia.

Brenda Boardman is affiliated in the UK with the End Fuel Poverty Coalition and the Labour Party. Her research on pre-payment meter households was co-funded by Utilita Giving.

Tina Fawcett currently receives funding from UKRI. Her research on pre-payment meter households was co-funded by Utilita Giving.

– ref. How the UK’s cold weather payments need to change to help prevent people freezing in winter – https://theconversation.com/how-the-uks-cold-weather-payments-need-to-change-to-help-prevent-people-freezing-in-winter-259339

MIL OSI Analysis –

July 31, 2025
MIL-OSI Analysis: Many tongues, one people: the debate over linguistic diversity in India

Source: The Conversation – UK – By Sudhansu Bala Das, Postdoctoral researcher in Linguistics, University of Galway

India is a home to numerous ancient and linguistically rich languages across its many regions. In a single home, a young person may speak, for example, Odia (the language spoken in the eastern state of Odisha) with their grandparents, switch to English for homework, and enjoy listening to Hindi songs on YouTube.

Far from being confusing, this coexistence is necessary and natural. It’s a hallmark of a nation where language diversity is embraced as a strength rather than being a barrier to be overcome.

India’s prime minister, Narendra Modi, reflected this attitude in February this year when he remarked that there had “never been any animosity among Indian languages”. He was speaking at a major literary conference in the state of Maharashtra, where the vast majority of people, 84 million out of a population of 112 million, speak Marathi as a first language with Hindi a distant second.

“[Indian languages] have always influenced and enriched each other, he said. “It is our social responsibility to distance ourselves from such misconceptions and embrace and enrich all languages.” His remarks reinforced a broader message: that linguistic diversity is not a barrier, but a shared cultural strength that binds India together.

But language can also be a politically divisive issue in such a diverse country. And Modi and members of his government have been criticised for words and actions seen as trying to shape the use of Hindi, English and other languages within India. Because of the country’s linguistic complexity, the situation is always more complicated to navigate than it might first appear.

India has a total of around 19,500 languages or dialects that are spoken as mother tongues, according to the 2011 census. Of those, 22 languages are recognised as official under the Indian constitution.

The 2011 census found that 44% of Indians, about 528 million people, speak Hindi as their first language (meaning what is spoken at home). Similarly, around 57% of people use it as a second or third language.

That means Hindi has a broad presence across regions, but it exists alongside many other languages with equal value, including Marathi, Bengali (97 million), Telugu (81 million), Tamil (69 million) and Meitei (1.8 million).

First, second and third language speakers in India, according to the 2011 census.
2011 Indian census, CC BY-NC-SA

At the national level, India has two official languages: Hindi and English. Hindi is used for communication within the central government, while English is widely used in legal, administrative and international affairs. Each state can choose its own official language(s) for state-level governance. For example, Tamil Nadu uses Tamil, Maharashtra uses Marathi, and so on.

But in daily life, people often switch between languages depending on where they are and who they are speaking to, at home, at work, or in public spaces. According to the 2011 census, nearly one in four Indians said they could speak at least two languages, and over 7% said they could speak three.

India introduced a three-language formula in education the 1960s. This policy guideline encouraged students to learn three languages: their regional mother tongue, Hindi (if it is not already their first language) and English. This was intended to produce a flexible and inclusive approach across different states.

In 2020, the Modi government introduced a new national education policy that gave states more flexibility to pick which two Indian languages should be taught alongside English, but made the recommendation compulsory in all states. This has led to a backlash in several states because some fear it effectively introduces Hindi teaching by the backdoor and will dilute the use of other languages.

There is also considerable debate in India about the role of English, which about 10.6% of Indians speak to some degree but some believe is a relic of colonial rule. Modi himself has suggested this is the case and has taken action to reduce the official use of English, for example in medical schools.

However, he has also acknowledged the importance of English, particularly in global communication, and spoken of the value all Indian languages bring to the country’s unity and progress. “It is our duty to embrace all languages,” he told the audience in Maharashtra, adding that Indian languages, including English, “have always enriched each other and formed the foundation of our unity”.

Many see the language as a link between the many linguistic communities of India. Others see it is a tool for social mobility, especially for lower castes. Some have even accused the government of wanting to discourage English in order to maintain social privileges and promote the dominance of Hindi.

On the other hand, the 2020 national education policy mandates the teaching of English. It recommends bilingual textbooks in English and local languages, and that English should be taught “wherever possible” alongside mother tongues in primary education.

The government is also taking steps to make the digital world more inclusive to people, whatever their language. Launched by Modi in 2022, the Bhashini project is a national AI initiative supporting speech-to-text, real-time translation and digital accessibility in all 22 official languages. This aims to make digital platforms and public services more inclusive, especially for rural and remote communities.

As poet and Nobel laureate Rabindranath Tagore once wrote: “If God had so wished, he would have made all Indians speak with one language … the unity of India has been and shall always be a unity in diversity.”

In India, children today grow up speaking their mother tongue, with many learning Hindi to communicate across regions, and gaining English skills for global connections. India’s future does not depend on choosing one language over another, but on enabling them to flourish side by side.

There’s a Chinese proverb: “To learn a language is to have one more window from which to look at the world.” With thousands of such windows, India’s future is rooted in both unity and diversity.

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

Sudhansu Bala Das does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Many tongues, one people: the debate over linguistic diversity in India – https://theconversation.com/many-tongues-one-people-the-debate-over-linguistic-diversity-in-india-261308

MIL OSI Analysis –

July 31, 2025
MIL-OSI Analysis: Kemi Badenoch says she wants to be Britain’s Javier Milei – but is the Argentinian president a model to follow?

Source: The Conversation – UK – By Sam Halvorsen, Reader in Human Geography, Queen Mary University of London

When UK Conservative party head Kemi Badenoch recently declared that she aspires to be Britain’s Milei, she aligned herself with one of the world’s most radical and controversial leaders.

Javier Milei, Argentina’s self-styled “anarcho-capitalist” president, has gained global notoriety since his election in December 2023 for wielding a chainsaw at rallies, promising to destroy the so-called “political caste” and launching a scorched-earth economic reform programme.

But what has Milei actually achieved since entering office? And should Britain really be looking to his administration for inspiration?

Milei swept to power on a wave of anti-establishment anger. Styling himself as an outsider economist rallying against the ruling caste, he promised to slash state spending and replace Argentina’s peso with the more stable US dollar. He also pledged to eliminate entire government ministries, including health, education and culture.

His now-famous “chainsaw plan” proposed a dramatic restructuring of Argentina’s political and economic institutions, which he blamed for decades of stagnation and corruption. Backed by business elites and libertarian ideologues, Milei offered a vision of Argentina remade through radical individualism and state retrenchment.

His campaign, which contained some clear populist tendencies, was built as much on spectacle as substance. It contained daily media outbursts, personal attacks and an anti-caste rhetoric designed to turn governance into performance.

Inflation was central to Milei’s campaign. When he took office, annual inflation in Argentina stood at over 130%, one of the highest rates in the world. Milei promised to bring it under control by slashing the fiscal deficit and enforcing monetary discipline.

Monthly inflation doubled in the first months of his administration, forcing millions of Argentinians further into poverty. But it has fallen below 50% since the middle of 2025, which has been held by the government as a success.

However, the decrease in the inflation rate is the result of economic recession. While international markets have praised Milei’s fiscal orthodoxy, there is little sign of a growth rebound. Investment has stalled, consumption has plummeted and local industries are struggling amid cuts to public procurement.

Consumption has shown signs of recovery in the last few months, but only in the high-income segment. This has deepened a dual reality where middle-class and working sectors cannot make ends meet. Instead of helping the Argentinian economy recover, high-income consumption also pushes the trade balance to deteriorate.

Milei’s government has endeavoured to keep the Argentine peso strong. A strong currency has seen foreign investments paused and, despite ongoing capital controls, millions of US dollars leave the country with a surge in Argentinian tourism abroad. This trend is exactly the opposite of the most controversial of Milei’s promises: to adopt the dollar in Argentina.

Given the critical level of the central bank’s foreign reserves, the International Monetary Fund (IMF) approved the release of a US$4.7 billion (£3.5 billion) loan tranche in April 2024. It is expected to loan an extra US$2 billion before the 2025 mid-term elections in October.

Squeezing Argentinian society

Job losses have been extensive. Tens of thousands of public sector workers have been laid off, and many more have seen their salaries decimated by inflation. Entire agencies have been shut, from science and housing to the post office.

Milei’s framing of public employees as part of a parasitic caste has helped him politically. It has reinforced his anti-establishment credentials and mobilised resentment among private sector workers and the self-employed. But it has further polarised an already fragmented Argentinian society.

Unions and civil society organisations have mobilised in response, organising strikes and mass protests. These have been met in turn with crackdowns, the criminalisation of dissent and expanded police powers.

Meanwhile, Congress has been sidelined. Milei’s critics warn of creeping authoritarianism as the president governs increasingly by decree, perhaps most notably by attempting to fill two vacancies of the Supreme Court in February.

Environmental protection and foreign policy have also been reshaped by Milei’s radical agenda. The ministry of environment was among the agencies targeted for elimination. And Milei’s sweeping law of bases bill, which became law in 2024, included provisions to weaken environmental regulations and accelerate extractive industries such as lithium and oil.

Milei dismisses environmental concerns as leftist distractions from economic freedom. This is a stance echoed in his foreign policy, which has seen Argentina pivot away from regional cooperation. He has snubbed neighbours like Brazil, withdrawn from the accession process to the Brics group of nations and has aligned himself more closely with the US, Israel and the global far right.

He frequently rails against “global socialism”, and presents himself as a figurehead of a new anti-globalist movement. This posture appeals to his domestic base and international allies, but has further isolated Argentina diplomatically and eroded longstanding regional ties.

If Badenoch wants to emulate Milei, it raises serious questions about the political and economic future she envisions for Britain. Argentina is currently living through a radical experiment in state destruction. Despite circumstantially winning praise from bond markets and libertarian circles, it has brought pain, polarisation and increasing levels of repression.

For those looking beyond spectacle, Milei’s presidency offers not a blueprint for bold reform, but a cautionary tale about the dangers of governing by chainsaw.

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Kemi Badenoch says she wants to be Britain’s Javier Milei – but is the Argentinian president a model to follow? – https://theconversation.com/kemi-badenoch-says-she-wants-to-be-britains-javier-milei-but-is-the-argentinian-president-a-model-to-follow-261915

MIL OSI Analysis –

July 31, 2025
MIL-OSI Analysis: Ancient India, Living Traditions: an earnest effort to show how the art of Hinduism, Buddhism and Jainism is sacred and personal

Source: The Conversation – UK – By Ram Prasad, Fellow of the British Academy and Distinguished Professor in the Department Politics, Philosophy and Religion, University of Leicester

The British Museum’s Ancient India, Living Traditions exhibition brings together exhibits on the sacred art of Hinduism, Buddhism and Jainism. It also encompasses the spread of the devotional art of these traditions to other parts of Asia.

The exhibition speaks to religious identity and relationships. Buddhism and Jainism distinguish themselves from the vast surrounding traditions that together we call Hinduism; but they have close kinship with it in practices, beliefs and iconography. Museums that have presented sculptures in isolation have usually not attempted to narrate this complex history.

Not all the items displayed, some going back 2,000 years, are of purely historical interest. There are representations of traditions that are continuously living in a way the gods of ancient Egypt or classical Europe are not.

The most instantly recognisable example for visitors of such living ancient tradition is likely to be statues of the elephant-headed deity Ganesha. Visitors can see a rare and valuable 4th century sandstone Ganesha on show. They can also see a small bronze version of that ancient Ganesha that is like the kind you would find in people’s home and to which a quick prayer would be addressed every morning.

The question of how to respect that sense of the sacred while still mounting an exhibition is a moral and aesthetic challenge that few museums (including in India) have started to address. It’s not uncommon to see such pieces wrenched from the reality of their continued practice and presented in secular art displays. Here, however, the curators have tried to make connections between “statues” on display and “icons” in temples and homes.

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Finally, there’s the problematic history of the imperial museum and its need to reckon with its past. Most objects on display in this exhibition, and The British Museum more widely, have been presented with scarcely any acknowledgement of how they came to be acquired.

The exhibition makes an earnest effort to tackle most of these issues.

Ancient but not dead

The spaces of the exhibition are structured to be respectful of the historical and contemporary sensitivities of Buddhism and Jainism. This is signalled through subtle changes of colour and the placement of translucent drapery, allowing for transitions between distinct Jain, Buddhist and Hindu displays.

At the same time, conceptual and sensory commonalities are powerfully conveyed. The first space focuses on nature spirits and demi-deities that are shared across all the ancient traditions. The air is filled with the sound of south Asian birds and musical instruments. The explanatory labels draw attention to the percolation of iconographic features between traditions, for instance, those between the Buddha and the Jaina teachers, or the direct inclusion of the deity of learning (Sarasvati) in both Hindu and Jain worship.

Also well presented is a final space on the spread of south Asian iconography to central, east and southeast Asia. This is a long story that needs its own telling, but can only be hinted at through some beautifully chosen figures.

It’s the curators’ use of a community advisory panel of people who practice such traditions today that gives the information its sensitivity. Their inclusion in the exhibition’s production can be seen in a marked mindfulness that the content and symbols of these inert objects are alive and sacred to hundreds of millions.

For example, one Ganesha from Java in Indonesia draws attention to different elements of his iconography. There is the trans-continentally stable depiction of his having a broken tusk (which, as Hindus will know, he is said to have broken off to write down the epic Mahabharata). But this Ganesha also holds a skull, which is unique to the Javanese version. The label gently points out that “various communities understood and worshipped him differently”.

The combination of community engagement and creative presentation not only conveys a sense of respect for the traditions, but also elicits a respectful response from visitors. Those from within the tradition will note with satisfaction the description of a symbol or icon. Those from outside the traditions are invited to look at the exhibits with attention and care as they might in a cathedral.

I saw a pair of young Indian Americans looking at a fossilised ammonite from Nepal that is taken as a symbolic representation of god for worshippers of Vishnu. They animatedly compared it to the one in their own diasporic home.

Elsewhere in the exhibition, I caught an elderly English couple stood in wondering silence in front of a drum slab from the famous 1st century BC Amaravathi Buddhist site in south India. This slab was carved just before figural representations of the Buddha rapidly gained in popularity. Here, there are symbols associated with him, but the Buddha himself is represented by the empty seat from whence he has gone.

How did it all get here?

One potential interpretive danger lies in the emphasis on continuity between past objects and present realities. Hindus today from social backgrounds that did not have the privilege of reaching back to high sacred art might ask where they sit in the smoothed out historical narrative. More broadly, there is no acknowledgement of the complexity of Hindu identity and its formation across centuries, regions, social strata, languages and theologies.

The weakest part of this exhibition’s generally innovative retelling is the faint-hearted way in which it obliquely acknowledges the dubious acquisition process of the British Museum. To say something was “collected” by a major general “while serving in the East India Company army” is hardly facing up to the question with which the exhibition boldly begins: “How did it get here?”

This exhibition offers a powerful visual narrative of the multi-spiritual traditions of ancient India, mounted with sensitivity to their living communities today. Its immersive presentation is appealing, and the story it tells is respectful and innovative.

The task of honest self-representation and difficult conversations on reparation remain. Within that larger imperative, Ancient India, Living Traditions is a step in the right direction. It is a direction towards addressing context, responsiveness and engagement that museums can no longer ignore.

Ancient India, Living Traditions in on at The British Museum, London until October 19 2025

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

Ram Prasad does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Ancient India, Living Traditions: an earnest effort to show how the art of Hinduism, Buddhism and Jainism is sacred and personal – https://theconversation.com/ancient-india-living-traditions-an-earnest-effort-to-show-how-the-art-of-hinduism-buddhism-and-jainism-is-sacred-and-personal-262163

MIL OSI Analysis –

July 31, 2025
MIL-OSI Analysis: Modi’s visit to Ghana signals India’s broader Africa strategy. A researcher explains

Source: The Conversation – Africa (2) – By Veda Vaidyanathan, Associate, Harvard University Asia Center, Harvard Kennedy School

Ghana has historically been an anchor of Indian enterprise and diplomacy on the African continent.

New Delhi and Accra formalised ties in 1957. At the time, their partnership was grounded in shared anti-colonial ideals and a common vision for post-independence development. India offered counsel on building Ghana’s institutions, including its external intelligence agency. Meanwhile, Indian teachers, technicians, and traders regularly travelled to the west African country in search of opportunity.

The July 2025 visit of the Indian prime minister, Narendra Modi, to Ghana – the first by an Indian leader in over three decades – came at a critical moment for the continent. As the global order shifts towards multi-polarity, countries like Ghana are navigating a complex landscape, which includes western donors scaling back commitments. This has opened space to deepen cooperation through pragmatic, interest-driven collaborations with longstanding partners like India. Speaking at the Munich Security Conference, Ghana’s President John Mahama captured the spirit of this global realignment, noting that

as bridges are burning, new bridges are being formed.

Against this backdrop, Prime Minister Modi’s visit offered an opportunity to both revive and recalibrate bilateral ties. The visit carried a strong economic and strategic orientation. Ghana positioned itself as a partner in areas where India holds comparative advantage, such as pharmaceuticals. Over 26% of Africa’s generic medicines are sourced from India. The Food and Drugs Authority’s (Ghana’s regulator of pharmaceutical standards) listing of foreign pharmaceutical manufacturing facilities is dominated by Indian firms.

Defence cooperation was also on the agenda. Ghana is looking to India for training, equipment and broader security engagement in response to rising threats from the Sahel and coastal piracy.

This emphasis on shared security interests is underscored by Ghana’s alignment with India on counter-terrorism. President Mahama for instance has condemned the Pahalgam terrorist attacks that occurred in April, 2025.

Reviving economic ties

Economic ties are at the heart of this renewed engagement between the two countries. Bilateral trade currently stands at around US$3 billion. Both leaders aim to double it to US$6 billion over the next five years. Currently, Ghana enjoys a trade surplus with India. This is mainly due to gold exports, which account for over 70% of its shipments. Cocoa, cashew nuts, and timber are also key exports, while imports from India include pharmaceuticals, machinery, vehicles, and various industrial goods.

India has invested more than US$2 billion in Ghana. These investments span private capital, concessional finance and grants across 900 projects. India now ranks among Ghana’s top investors. Indian firms and state-backed institutions play a key role in critical infrastructure development. Landmark projects include the 97km standard gauge Tema-Mpakadan Railway Line and the Ghana-India Kofi Annan ICT Centre, a hub for innovation and research.

In an earlier study, I documented the perspectives of Indian entrepreneurs in Ghana. The findings underscored the country’s appeal as a land of economic opportunity. In interviews, Indian businesses highlighted Ghana’s stable political environment. An expanding consumer base, and relatively transparent regulatory framework were also mentioned. Together, these factors continue to attract investor interest.

This economic momentum likely paved the way to pursue a closer bilateral relationship, marked by the elevation to a ‘Comprehensive Partnership’.

While delegates in the July visit addressed issues such as financial inclusion, healthcare and agriculture, the tangible outcomes were limited. Four memoranda of understanding were signed. They cover cooperation on traditional medicine, regulatory standards and cultural exchange. The creation of a joint commission to structure and advance bilateral collaboration across priority sectors was also signed.

Moving forward, Ghana offers India an entry point into west Africa’s resource landscape. With reserves of gold, bauxite, manganese and lithium, Ghana is well positioned to contribute to India’s needs for critical minerals. President Mahama’s invitation for investment in mineral extraction and processing aligns with India’s National Critical Mineral Mission, New Delhi is looking for supply chains for its energy transition. It creates an opportunity for Indian mining companies to expand into African markets.

Read more:
The world is rushing to Africa to mine critical minerals like lithium – how the continent should deal with the demand

Pragmatic diplomacy

With nearly US$100 billion in trade, cumulative investments of nearly US$75 billion, and a 3.5 million strong diaspora, the broader contours of India’s Africa policy is increasingly pragmatic and issue based.

New Delhi’s evolving relations with Accra reflects this. It comes as Ghana is making sweeping economic reforms domestically, particularly in fiscal management and debt restructuring.

This ambitious “economic reboot” hinges on attracting private sector investment. In this context, the Indian diaspora, already deeply embedded in Ghana’s commercial networks, is well positioned to foster stronger economic ties.

In his address to Ghana’s Parliament, The Indian Prime Minister spoke of development cooperation that is demand driven and focused on building local capacity and creating local opportunities. This approach “to not just invest, but empower”, signals India’s growing intent to anchor relationships in mutual agency, rather than dependency.

Veda Vaidyanathan is Fellow, Foreign Policy and Security Studies, at a leading Indian think tank.

– ref. Modi’s visit to Ghana signals India’s broader Africa strategy. A researcher explains – https://theconversation.com/modis-visit-to-ghana-signals-indias-broader-africa-strategy-a-researcher-explains-261187

MIL OSI Analysis –

July 31, 2025
MIL-OSI Analysis: 8 policies that would help fight poverty in South Africa’s economic hub Gauteng
Source: The Conversation – Africa – By Adrino Mazenda, Senior Researcher, Associate Professor Economic Management Sciences, University of Pretoria

Poverty goes beyond income. It often arises when health, education and opportunities fall short of meeting people’s needs.

Individuals are classified as impoverished when they face deprivation in one-third or more of the indicators in a multidimensional poverty index. The index reflects the various influences on socioeconomic class. These include housing, sanitation, electricity, cooking fuel, nutrition and school attendance.

The index is one of the most comprehensive measures of poverty. The fact that the multidimentional index captures multiple dimensions enables it to reflect overlapping disadvantages. And provides a fuller picture of well-being. Other monetary measures such as income aren’t as comprehensive.

About 18% of the world’s population are poor by the definition of the multidimentional poverty index. Sub-Saharan Africa is especially affected, with a multidimensional poverty rate nearing 59%.

In South Africa, it is at around 40%. This means it experiences four in 10 of the dimensions of poverty.

The province of Gauteng is South Africa’s economic hub. Nevertheless it contains pockets of severe deprivation. About 4.6% of households are poor. In some wards up to 68% are severely deprived.

We are social scientists with research histories in food systems and livelihoods, public policy and economics of human capital. We recently conducted a study focused on Gauteng. We wanted to determine what could enable poor and vulnerable households to move out of those categories.

We used a modelling exercise that allowed us to isolate the most relevant factors for this transition.

The study found six factors: education, age, income, working time, medical aid and being a recipient of a low income municipal support grant. We concluded from this that attending to these six variables was the foundation for upward mobility.

Conversely, vulnerability to economic shocks, such as job loss or food insecurity, can trigger rapid downward mobility.

Based on our findings we make eight policy recommendations. These include boosting education and skills training, better healthcare and affordable, reliable transport.

Range of factors

Multidimensional poverty intersects with socioeconomic class structures. It reinforces inequality by placing individuals into hierarchical groups. These range from the affluent and middle class to the transient, vulnerable, and chronically poor.

These disparities shape access to resources, opportunities and upward mobility.

Lower-class households differ from middle-class and affluent (non-poor) households across multiple dimensions. These differences include income stability, consumption patterns, access to services, asset ownership, social capital and vulnerability to shocks.

In the light of this we adopted a multidimensional poverty approach to classify households. We used various dimensions and indicators of poverty to assess the extent of deprivation and associated poverty levels.

We calculated the deprivation score and classified households into three levels: not poor, moderate poverty (vulnerable), and severe poverty (chronically poor).

Working time had the strongest effect. Part- or full-time work greatly lowered odds of severe poverty (chronic poverty) and moderate poverty (transient poverty). Working time refers to the duration that a person is engaged in paid employment or work-related activities. This is usually between 35 and 45 hours per week for full-time employment. And fewer than 35 hours per week for part-time employment.

Some factors only influenced certain groups. For severe poverty, transport access, household health, food parcel reliance, household size, and skipping meals were significant. For moderate poverty, gender, food parcel reliance and skipping meals mattered. And for the vulnerable non-poor (middle class), distance from public transport was the only additional factor.

Social grants and being part of the black population group showed little influence. Transitions and the ability to transcend poverty classes were driven mainly by direct socio-economic factors.

These dynamics underscore the precariousness of low-income households. They also highlight the importance of targeted interventions to break cycles of poverty.

Higher education, stable income and access to full-time work, drastically reduce the odds of remaining in severe or moderate poverty or being vulnerable. Medical aid access and municipal assistance programmes that provide free or subsidised basic services, also serve as protective factors. These help households meet essential health and welfare needs.

However, several structural and socio-economic constraints hinder transitions out of poverty. For example, living a greater distance from public transport increases the likelihood of severe poverty and vulnerability.

Food insecurity, measured by skipping meals or dependence on food parcels, remains a persistent marker of entrenched deprivation.

Gender disparities suggest underlying labour market or social vulnerabilities that require targeted policy interventions. For example, male-headed households are more likely than female-headed households to be moderately poor.

What can be done

Escaping multidimensional poverty in Gauteng requires targeted, practical and complementary interventions. Examples include subsidised transport, decentralised clinics, or housing closer to jobs.

This will enable grants to be translated to improved well-being.

We suggest eight areas for improvement:
- access to education, vocational training and digital skills. This will help to increase employment prospects
- public works and youth entrepreneurship support. This will boost income generation
- social protection like indigent benefits, food vouchers and subsidised medical aid
- food security. This can be done through community gardens and nutrition programmes
- support for female-headed households and young people
- affordable, reliable public transport. Services also need to be decentralised
- data-driven municipal planning to guide infrastructure and service investments
- consistently tracking progress against defined objectives.
The province implements multiple poverty-reduction initiatives. These include expanded public works, township economy support, food gardens, free basic services, subsidised housing, and public transport projects.

These efforts address income, food security and mobility. But they have limited impact due to persistent barriers. This is because many, particularly young people, don’t have market-relevant skills. In addition, spatial inequality results in long, costly commutes. And housing shortages and rising food prices deepen vulnerability.

Fragmented funding, weak coordination and inadequate data tracking also undermine progress.

Massimiliano Tani receives funding from Australian Research Council (unrelated to this article).

Adrino Mazenda and Catherine Althaus do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. 8 policies that would help fight poverty in South Africa’s economic hub Gauteng – https://theconversation.com/8-policies-that-would-help-fight-poverty-in-south-africas-economic-hub-gauteng-261388
MIL OSI Analysis –
July 31, 2025
MIL-OSI United Kingdom: What’s changing for children on social media from 25 July 2025
Source: United Kingdom – Executive Government & Departments 2

Press release

What’s changing for children on social media from 25 July 2025

New laws come into force, protecting under-18s from harmful online content
From 25 July, the way children experience the internet will fundamentally change, as new laws come into force, protecting under-18s from harmful content they shouldn’t ever be seeing. This includes:

pornography

self-harm

suicide

hate speech

violence

Children will have to prove their age to access the most harmful material on social media and other sites, with platforms having to use secure methods like facial scans, photo ID and credit card checks to check the age of their users. This means it will be much harder for under-18s to accidentally or intentionally access harmful content.

A thousand platforms have confirmed to Ofcom they’ve got these checks in place, including the most visited porn site in the UK, PornHub.

It comes as Ofcom figures show that children as young as eight have accessed pornography online, and 16% of teenagers report seeing material that stigmatises body types or promotes disordered eating in the last four weeks.

Children will also see fewer harmful posts and videos in their feeds, with platforms required to make sure their algorithms aren’t feeding children content that promotes harmful behaviours like bullying, hate speech or dangerous online challenges.

And when harmful content does appear, platforms will need to act quickly to remove it. If children are seeing something harmful or inappropriate, it will be easier to find help and report it.

Technology secretary Peter Kyle said:

Our lives are no longer split between the online and offline worlds – they are one and the same. What happens online is real. It shapes our children’s minds, their sense of self, and their future. And the harm done there can be just as devastating as anything they might face in the physical world.

We’ve drawn a line in the sand. This Government has taken one of the boldest steps anywhere in the world to reclaim the digital space for young people – to lay the foundations for a safer, healthier, more humane place online.

We cannot – and will not – allow a generation of children to grow up at the mercy of toxic algorithms, pushed to see harmful content they would never be exposed to offline. This is not the internet we want for our children, nor the future we are willing to accept.

The time for tech platforms to look the other way is over. They must act now to protect our children, follow the law, and play their part in creating a better digital world.

And let me be clear: if they fail to do so, they will be held to account. I will not hesitate to go further and legislate to ensure that no child is left unprotected.

Enforcement action from the regulator

From 25 July these protections will be fully enforceable and services that don’t comply could face serious enforcement action from Ofcom including fines.  

Enforcement action can be 10% of the companies’ qualifying global annual revenues or £18 million, whichever is greater.

Action platforms will legally have to take

Block access to harmful content 

Starting from 25 July, platforms that host pornography, or content which encourages self-harm, suicide or eating disorder content will have to put in place robust age-checks. This means: 

using highly effective age assurance, like facial age estimation, photo-ID matching, or credit card checks to verify age more reliably; and 

stopping children encountering harmful content on the site – either by age restricting parts of the platform or blocking access to the site by under 18s 

this will create extra steps when creating a new account or attempting to access content not appropriate for children.

in practice, this is like a child not being able to sign up for a credit card, or buy alcohol, and means that children will encounter fewer instances of harmful content and have a more age-appropriate experience online 

Provide safer feeds and fewer toxic algorithms 

The codes set out how platforms can reduce toxic algorithms which we know can recommend harmful content to children without them seeking it out.  

This includes ensuring that algorithms do not operate in a way that harms children, such as by pushing content related to suicide, self-harm, eating disorders, and pornography. That means fewer risky rabbit holes and more control over what children see on their feeds. 

Take faster action on harmful content 

Platforms will need more robust content moderation systems to take swift action against content that is harmful to children when they become aware of it. 

Search engines should filter out the most harmful content for children, for example by using a ‘safe search’ setting for children, which can’t be turned off.

User support 

Platforms will also be required to ensure they provide clear and easy-to-find information for children, and the adults who care for them.  

This will include easy-to-use reporting and complaints processes, as well as tools and support for children to help them stay safe online. 

Types of ‘harmful content’ the codes apply to

Platforms which host pornography, or the most harmful content to children and are likely to be accessed by children, must implement highly effective age assurance to prevent children from accessing said content. 

This content is described as primary priority content and includes: 

pornography, and

content that encourages, promotes, or provides instructions for:

self-harm

suicide

eating disorders 

Wider harmful content is known as priority content. The codes instruct platforms to protect children from this content by providing age-appropriate experiences. This category of content includes:

bullying

abusive or hateful content, and

content which encourages:

or depicts serious violence or injury

dangerous stunts and challenges

the ingestion, inhalation or exposure to harmful substances

ENDS

DSIT media enquiries

Email press@dsit.gov.uk

Monday to Friday, 8:30am to 6pm 020 7215 3000

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Published 24 July 2025
MIL OSI United Kingdom –
July 31, 2025
MIL-OSI Canada: New York Call – Joint statement of the Ministers of Foreign Affairs

Source: Government of Canada News

July 30, 2025 – Ottawa, Ontario – Global Affairs Canada

The Foreign Ministers of Andorra, Australia, Canada, Finland, France, Iceland, Ireland, Luxembourg, Malta, New Zealand, Norway, Portugal, San Marino, Slovenia and Spain, issued the following statement:

“We, Ministers of Foreign Affairs of Andorra, Australia, Canada, Finland, France, Iceland, Ireland, Luxembourg, Malta, New Zealand, Norway, Portugal, San Marino, Slovenia and Spain, condemn the heinous and antisemitic terrorist attack of October 7th, 2023;

“Demand an immediate ceasefire, the immediate and unconditional release of all hostages of Hamas, including the remains, as well as ensuring unhindered humanitarian access;

“Reiterate our unwavering commitment to the vision of the two-State solution where two democratic States, Israel and Palestine, live side by side in peace within secure and recognized borders, consistent with international law and relevant UN resolutions, and in this regard stress the importance of unifying the Gaza Strip with the West Bank under the Palestinian Authority;

“Express grave concern over the high number of civilian casualties and humanitarian situation in Gaza and emphasize the essential role of the United Nations and its agencies in facilitating humanitarian assistance;

Welcome the commitments made by the President of the Palestinian Authority on June 10th where he (i) condemns the October 7th terrorist attacks (ii) calls for the liberation of hostages and disarmament of Hamas (iii) commits to terminate the prisoner payment system (iv) commits to schooling reform, (v) commits to call for elections within a year to trigger generational renewal and (vi) accepts the principle of a demilitarized Palestinian State;

“Ahead of the meeting of the Heads of State and Government that will take place during the high-level week of the 80th session of the United Nations General Assembly (UNGA 80) in September 2025, we, Ministers of Foreign Affairs of Andorra, Australia, Canada, Finland, France, Iceland, Ireland, Luxembourg, Malta, New Zealand, Norway, Portugal, San Marino, Slovenia and Spain, have already recognized, have expressed or express the willingness or the positive consideration of our countries to recognize the State of Palestine, as an essential step towards the two-State solution, and invite all countries that have not done so to join this call;

“Urge countries who have not done so yet to establish normal relations with Israel, and to express their willingness to enter into discussions on the regional integration of the State of Israel;

“Express our determination to work on an architecture for the ‘day after’ in Gaza which guarantees the reconstruction of Gaza, the disarmament of Hamas and its exclusion from the Palestinian governance.”

MIL OSI Canada News –

July 31, 2025
MIL-OSI USA: After Trump’s Cuts, Pingree Leads Bipartisan Effort to Restore Local Food Lifelines

Source: United States House of Representatives – Congresswoman Chellie Pingree (1st District of Maine)

Today, Congresswoman Chellie Pingree (D-Maine), a longtime farmer and member of the House Agriculture Committee, led a bipartisan group of her colleagues in introducing the Local Farmers Feeding our Communities Act to boost the purchasing and distribution of local food. The bill, co-led by Representatives Rob Bresnahan (R-Pa.), David Valadao (R-Calif.), and Josh Riley (D-N.Y.), will help build stronger connections between local producers and community food programs, expanding markets and improving access to healthy food for those in need.

“When Trump’s USDA abruptly ended the Local Food Purchase Assistance and Local Food for Schools programs, it pulled the rug out from under farmers, food banks, and schools across the country—including in Maine. These were proven tools for strengthening local food supply chains, supporting small producers, and getting healthy, locally grown food to hungry families,” said Rep. Pingree. “Our bipartisan Local Farmers Feeding Our Communities Act restores and improves on that successful model. It’s a practical, community-driven solution that invests in our nation’s farmers, builds regional resilience, and fights hunger.”

The Local Farmers Feeding our Communities Act will allow states, through USDA, to establish cooperative agreements connecting local farmers and producers with local food distribution organizations. Through these agreements, funds will be used to purchase local, fresh, and minimally processed foods like seafood, meat, milk, cheese, eggs, fruit, and poultry. The bill also sets aside a portion of these funds to purchase food specifically from small, mid-size, beginning, and veteran farmers. Text can be found here.

“Far too often the discussion around alleviating hunger leaves out those who grow, raise, and produce food – our local farmers. Reducing the barriers between our communities and the farmers who produce our food is a commonsense approach to ensure everyone in Northeast Pennsylvania has access to the food they need.” said Rep. Bresnahan. “This bill recognizes the hard work that is needed to supply fresh and nutritious food like fruit, veggies, milk, and cheese, while also creating a clear path to putting this food on the plates of people who need it. This investment in our local farmers is an investment in stronger local food security and healthier communities.”

“The Central Valley grows the food that feeds our nation, and this bill gives us a chance to connect our farmers directly with local families and food banks to deliver healthy, homegrown food where it’s needed most,” said Rep. Valadao. “The Local Farmers Feeding our Communities Act is a bipartisan effort that invests in our farmers and communities, and I’m proud to stand with my colleagues in support.”

“It doesn’t get more common sense than fighting hunger by supporting local farmers,” said Rep. Riley. “This is about putting food on the tables of people who need it most, and investing directly in the family farmers who power our rural communities.”

Original cosponsors include Tony Wied (R-Wisc.), Dan Newhouse (R-Wash.), Zach Nunn (R-Iowa), Nikki Budzinski (D-Ill.), Jim Costa (D-Calif.), Eugene Vindman (D-Va.), Jimmy Panetta (D-Calif.), and Alma Adams (D-N.C.).

“Iowa farmers work hard to grow high-quality, nutritious food. This bill helps ensure local families, schools, and food banks can afford the fresh produce grown right here in our communities,” said Rep. Nunn. “I’m proud to back a plan that strengthens our food system, supports small producers and veterans, and expands access to healthy, Iowa-grown meals.”

“This legislation supports a program with a proven record of increasing access to the fresh fruits and vegetables our farmers work hard to produce,” said Rep. Newhouse. “It cuts down on food waste, supplies local schools and food banks with produce, and ensures that those who need food can get it. I thank Rep. Bresnahan for his leadership on this legislation as we work to strengthen our food system and expand access to healthy food across the country.”

“I’m proud to join this bipartisan bill to support our Illinois family farmers and help my constituents access nutritious, locally-grown food,” said Rep. Budzinski. “In Central and Southern Illinois, the Local Food Purchase Assistance and Local Food for Schools have been a win-win-win for growers and producers, food banks, and schools. It was a major setback when these initiatives were abruptly cancelled. The Local Farmers Feeding Our Communities Act would restore these successful programs that are a proven way to fight hunger, strengthen the food supply chain, and bolster the local agricultural economy.”

“As the only Virginian on the House Agriculture Committee, I know the Local Food Purchase Assistance and Local Food for Schools programs are essential for our farmers and the families they feed across the Seventh. When the Trump Administration suddenly ended both, it caused a ripple effect — hurting local farmers, schools, and food banks across the Commonwealth and the United States. This cannot stand,” said Rep. Vindman. “Earlier this year, I met with Eugene Triplett at his fifth-generation, Black-owned family farm in Culpeper. He told me directly that these programs helped him get healthy, locally grown food to hungry kids and families. I will always work to deliver for Virginia families and farmers like Eugene.”

The Local Farmers Feeding our Communities Act is endorsed by the Feeding America, National Milk Producers Federation (NMPF), National Association of State Departments of Agriculture (NASDA), the National Sustainable Agriculture Coalition (NSAC), National Farmers Union (NFU), Save the Children, Full Plates Full Potential, Good Shepherd Food Bank, Maine Organic Farmers and Gardeners Association (MOFGA), and more.

“Maine’s food system has been hit hard over the past few months due to the instability created by changing government policies and cuts to established food programs, like the Local Food for Schools program which helped schools buy local food from local farms,” said Anna Korsen, Deputy Director of Full Plates Full Potential. “We know children go hungry when household and school budgets get squeezed, so Full Plates welcomes the Local Farmers Feeding Our Communities Act and the potential it has to build on what Maine does best – community solutions to community problems.”

“The Local Farmers Feeding Our Communities Act recognizes and advances the work of thousands of farmers and proponents nationally who have worked to bolster the resiliency of our local food system and Nation’s food supply chain,” Colleen Hanlon-Smith of Farm to Neighbor Maine. “We applaud Congresswoman Pingree for her work to advance this Act. Both LFPA and LFS offered an opportunity for the federal government and the public’s tax dollars to strategically inject funding at the intersection of local food access and farm viability. These were not only incredibly successful programs but critical to shifting the needle on food security by ensuring economic investments locally, to the benefit of our Nation’s farmers, food insecure citizens and local communities.”

“The proposed bill would be a win for both local farmers and families facing hunger,” said Heather Paquette, President of Good Shepherd Food Bank. “By prioritizing the purchase of local foods and partnering with organizations that have deep experience in food distribution, we can ensure that nutritious food reaches the people who need it most, all while strengthening local economies.”

“As Executive Director of the Maine Organic Farmers and Gardeners Association, I strongly support the Local Farmers Feeding Our Communities Act because it uplifts the hardworking farmers and food producers who nourish our communities every day,” said Sarah Alexander, Executive Director of MOFGA. “By investing in cooperative agreements that build local food infrastructure and markets, this Act empowers states and Tribal governments to create resilient, community-based food systems. It’s a smart, values-driven approach that strengthens local economies, improves food access, and ensures a healthier, more sustainable future for all.”

“Maine has spent the last two decades building strong, innovative programs to support small farms and connect local producers with their communities. This legislation will help strengthen that foundation, ensuring we continue to grow, adapt, and meet the evolving needs of both farmers and families,” said Jimmy DeBiasi, Executive Director of the Maine Federation of Farmers’ Markets. “If we’re serious about making America healthier, we have to start with what we’re eating. This bill recognizes that feeding people nutritious, locally grown food is not just good policy—it’s a smart investment in public health and our agricultural future.”

“This legislation benefits family farmers and the communities they feed,”said Rob Larew, President of National Farmers Union. “It strengthens local food systems, expands economic opportunity, and builds more resilient farms.”

“PFB appreciates Representative Bresnahan (R-PA-08) championing legislation that will expand our farmers’ market opportunities, reduce food waste, and get locally grown food to American families’ tables,” said Chris Hoffman, President, Pennsylvania Farm Bureau. “The Local Farmers Feeding Our Communities Act exemplifies the importance of cherishing the hard work that goes into producing food and not wanting to waste it, while providing less fortunate consumers with local options that provide them with the opportunity to support their local farmers. This is a win-win piece of legislation for all involved, and we look forward to working with Congress to advance it.”

“Fresh produce, dairy, and protein are some of the most requested items across the charitable food network,” said Julie Bancroft, CEO, Feeding Pennsylvania. “This bill will strengthen the farm-to-food bank supply chain, create new markets for farmers, and ensure food bank shelves are stocked with locally grown, nutritious food products that help Pennsylvanians access the food they need to thrive. Feeding Pennsylvania is pleased to see the introduction of this important legislation and looks forward to working with our members of Congress as it moves through the legislative process.”

“We commend Representatives Rob Bresnahan, R-PA, Josh Riley, D-NY, David Valadao, R-CA, and Chellie Pingree, D-ME, for their bipartisan Local Farmers Feeding our Communities Act,” said the National Milk Producers Federation. “This bill will provide an additional pipeline for dairy farmers to provide their communities with nutritious milk and dairy products. We especially thank the sponsors for ensuring that farmer-owned cooperatives are eligible to participate in this important food security initiative and look forward to working to enact this legislation.”

“Our nation’s farmers are a key part of the nutritious food provided to community members through local food banks and pantries,” said Vince Hall, Chief of Government Relations Officer, Feeding America. “Farmers have worked in partnership with Feeding America food banks for over half a century. The Local Farmers Feeding our Communities Act would increase resources for states to support local growers and ensure their nutritious food is connected with community members through local organizations like food banks. Feeding America supports the introduction of this legislation and encourages members of Congress to endorse this bipartisan bill that helps farmers and food banks.”

“The bipartisan Local Farmers Feeding Our Communities Act makes meaningful investments in local and regional food systems by connecting small and mid-sized farmers to nearby communities, strengthening rural economies and advancing health-driven outcomes for consumers,” said Ted McKinney, CEO, NASDA. “NASDA supports this legislation led by U.S. House Representatives Bresnahan (PA) and Riley (NY) and urges the House to swiftly pass this bill.”

###

MIL OSI USA News –

July 31, 2025
MIL-OSI USA: Legacy Investment for Technology (LIFT) Announces Loan for North Dakota Energy Services Company

Source: US State of North Dakota

The North Dakota Department of Commerce announced that the Legacy Investment for Technology (LIFT) program has awarded a $1 million loan to Trilogy LLC, a North Dakota-based company that developed the Sand Titan, a high-performance sand separator for the oil and gas industry.

“The LIFT program is a vital resource for fostering innovation and supporting North Dakota’s oil and gas industry,” said Commerce Economic Development & Finance Deputy Director and Head of Investments and Innovation Shayden Akason. “This funding highlights our commitment to supporting North Dakota businesses that drive economic impact in our core industries and create lasting impact across the state.”

LIFT is an innovation loan fund that supports technology advancement by providing financing for the commercialization of intellectual property within North Dakota. The loan funds are available to enhance capacity and, when possible, leverage state, federal and private sources of funding.

Since its inception, the LIFT program has awarded more than $45 million across 72 projects, with an average award of approximately $635,000. These investments span sectors such as health care, agriculture technology, energy, and advanced computing, demonstrating the program’s broad impact on North Dakota’s innovation economy.

Commerce works with the Bank of North Dakota to manage and administer the loan fund. LIFT loan terms include 0% interest for the first three years, 2% interest for the next two years, and a standard Bank of North Dakota loan rate for all subsequent years. The program is open to North Dakota companies working in advanced computing and data management, agriculture technology, autonomous and unmanned vehicles and technologies, energy, health care, value-added agriculture, value-added energy, and any area specifically identified by the LIFT committee as contributing to the diversification of the state’s economy.

For more information, application guidelines and program details, visit https://belegendary.link/LIFT.

MIL OSI USA News –

July 31, 2025
MIL-OSI Europe: ASIA/SOUTH KOREA – The adventure “accompanied by small prayers” of Junho Cho, “digital missionary”

Source: Agenzia Fides – MIL OSI

[embedded content]
by Pascale RizkSeoul (Agenzia Fides) – “Now I know. After all, even the Fathers of the Church, Saint Augustine and Saint Thomas Aquinas, repeated this simple phrase: to be happy, I need God, and if God is present, I am happy when I am close to him, and I am not happy when I am far away.” Thus, Korean singer and “Catholic influencer” Junho Chu describes the beating heart that now animates his life. And he reveals what every authentic Christian witness suggests: the source of salvation brought by Christ is mysterious, but accessing it is simple and within everyone’s reach.Junho shared his story and experience with the Jubilee of Catholic digital missionaries and influencers celebrated in Rome these past few days.The Happy Face of GodGrowing up until the age of 22 with no particular interest in religious doctrines and practices, he says that as a teenager he longed for happiness that could last “more than three days or two weeks.” Something that isn’t found in training courses or school curricula, in a competitive society where one’s worth and “is worth” only what one accomplishes. He believed he could achieve that happiness through success at work. But that wasn’t the case.At that time, two years before beginning his military service, Junho heard Cardinal Stephen Kim Sou-hwan speak on television, an imposing figure in Korea also for his passion for social justice (see Fides, 11/4/2025). “I was struck by his humility and the witness of the people who mourned his death in 2009.” Without believing in God, Junho saw God’s happy face reflected in those people. They had no personal successes to show off. They were grateful for the free love they had received. “So I started going to church and asked to be baptized. To be close to God, to go to Mass, to take Communion, and to pray. Junho says that a priest once told him: “Do you want something special? Then you must be sincere. If you live with perseverance and sincerity, every day of your life can be special.”Thanking the Lord (also) for TteokbokkiKorean society is based on respect for others, following a social stratification that dates back to the Cheoson Dynasty. Hierarchical respect is an integral part of everyday language and behavior. So when Junho saw a high-ranking Catholic soldier come to church and eat with the others, he was impressed by his humility. “He came to wash dishes with me in the kitchen. It seemed inconceivable to me that someone like him would do that. One day, I was eating tteokbokki (Korean rice dumplings) and I invited him. He sat with me and, clasping his hands, began to pray. I was deeply moved by this gesture. I had no idea that Catholics would stop to thank God for something as small as tteokbokki. I think my life, accompanied by small prayers, began there,” he says.”Sometimes they asked me to sing, I did it a few times, and a bishop told me I should keep singing, and this was like a blessing for the rest of my life,” adds Chu, who, along with other singers, enlivened the Digital Missionaries Jubilee Festival in Piazza Risorgimento on the evening of Tuesday, July 29, singing in his native language.Talent is from God and for GodDuring his military service, Chu embarked on a path that would lead him to his baptism in 2011. He also began participating in parish life, catechism, and choir. It was thanks to a contest on CPBC (Catholic Peace Broadcasting Corporation) that he was able to begin composing music and songs, and singing in Catholic churches. It had been his passion since childhood. The stories of missionaries such as Father Giovanni Lee Tae-seok, a Salesian missionary in South Sudan, and Bishop René Dupont, a MEP missionary who arrived in Korea in 1954 (see Fides, 11/4/2025) led him to imitate them, he shared with others the love of God he had received as a gift, even through his own talents. “That’s why I’m always happy to live as a Catholic on Instagram and YouTube.” His Christian journey, intertwined with music and singing, led Junho to accompany priests and nuns on missions in Cambodia, Zambia, and Mongolia. “The love you receive is incredibly greater than the love you give. It’s an absolute miracle and cannot be understood through the eyes of the world,” says Chu, who today continues his mission singing in Brazil.“The digital mission should not be about self-exaltation. The encounter with Jesus remains the starting point, but also the point of arrival. Our faith can also find comfort in the use of digital media, but it does not depend on them. The Mystery of Jesus’s predilection, savored in the everyday life, is far greater than the captivating power of a voice behind the screen or special effects. And it promises enjoyment and happiness incomparable to the excitement of having 100 followers or 500,000,” he concludes. (Agenzia Fides, 30/7/2025)Share:

MIL OSI Europe News –

July 31, 2025
MIL-OSI Europe: ASIA/INDIA – Indian bishops appeal to government over attacks on nuns and promised “rewards” for those who attack priests

Source: Agenzia Fides – MIL OSI

Wednesday, 30 July 2025

CBCI

New Delhi (Agenzia Fides) – The nation’s constitutional rights must be protected and guaranteed. This is what the Indian bishops are asking for in an appeal to the government in the face of “the growing climate of hostility and violence against minorities throughout the country.”The intervention of the Catholic Bishops’ Conference of India (CBCI) comes a few days after the arrest of two nuns at the Durg railway station in Chhattisgarh. Government railway police detained Sisters Preeti Mary and Vandana Francis of the Green Garden Sisters.The nuns were accompanying three young women and an adult man belonging to a tribal group who were reportedly traveling from Narayanpur, in the diocese of Jagdalpur, to Agra, Uttar Pradesh, where they had been offered jobs in a Catholic-run hospital. “Although the young women were over 18 and had given their parents’ written consent, according to the bishops, the nuns were arrested after pressure from community members. They were allegedly subjected to physical assault. When the young women’s parents arrived at the police station, officers allegedly prevented them from seeing their daughters.“Christian sisters are increasingly targeted by social agitators who surround them at train stations, incite crowds, and use abusive language. These actions,” the CBCI stated, “pose a grave threat not only to the dignity and modesty of these women, but also to their lives.” Calling these repeated incidents a “grave violation of the Constitution,” the Indian bishops urged state governments to “ensure the safety of all women and take immediate steps to prevent such incidents,” while requesting urgent intervention from the central government in Delhi.The CBCI’s concern arose after a series of incidents that, according to the bishops, “reflect the deterioration of institutional impartiality. One such incident occurred on June 17, 2025, when BJP MP Shri Gopichand Padalkar allegedly incited public opinion against Christians by announcing monetary rewards for attacks on Christian priests.” The Indian Catholic bishops, in their statement, cited the MP’s alleged remarks: “Whoever hits the first priest will receive a reward of five lakh rupees, whoever hits the second will receive four lakhs, and the third will receive three lakhs.”This incitement, the Indian bishops explained, “justifies immediate legal action. The speech, widely disseminated through videos and media, was explicit, direct, and poses a real threat to public order. Such acts constitute a serious offense under Section 152 of the Bharatiya Nyaya Sanhita (Indian Penal Code, which came into force in 2024), which criminalizes promoting enmity between different groups and threatens national unity. Despite the gravity of the statement and the peaceful protests by concerned citizens, the relevant authorities have remained indifferent.”According to the CBCI, “recent events indicate the deconstruction of the rule of law, leading to anarchy, something no nation can afford.” Given the gravity of the situation, “the Indian bishops urged the government and all political parties to overcome any partisanship and adopt appropriate constitutional measures to protect the country and all its citizens. We must act immediately to protect the principles enshrined in the Constitution and defend the dignity and rights of all citizens, regardless of their religion.” (F.B.) (Agenzia Fides, 30/7/2025)
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MIL OSI Europe News –

July 31, 2025

MIL-OSI: Banque Fédérative du Crédit Mutuel – 2025 half-year results press release

Source: GlobeNewswire (MIL-OSI)

Results for the period ended June 30, 2025¹	Press release
	Strasbourg, July 30, 2025

First half of 2025:
very strong business activity and solid results,
penalized by the non-recurring income tax surcharge

Results for the period ended June 30, 2025	06/30/2025	06/30/2024	Change
Record net revenue	€6.549bn	€6.178bn	+6.0%
of which retail banking	€4.427bn	€4.159bn	+6.4%
of which insurance	€822m	€711m	+15.7%
of which specialized business lines ²	€1.532bn	€1.491bn	+2.8%
General operating expenses reflecting investments	-€3.405bn	-€3.208bn	+6.1%
Stabilized cost of risk	-€782m	-€799m	-2.1%
Record income before tax	€2.402bn	€2.210bn	+8.7%
Net income down due to the corporate tax surcharge effect	€1.638bn	€1.714bn	-4.4%
of which income tax surcharge	€192m	N/A	N/A

RENEWED GROWTH IN FINANCING³: +1,8%
Home loans	Equipment loans	Consumer credit
€119.8bn	€119.4bn	€49.1bn

A SOLID FINANCIAL STRUCTURE
CET1 ratio⁴	Shareholders’ equity
19.5%	€46.7bn

Press contacts:

Aziz Ridouan – +33 (0)6 01 10 31 69 – aziz.ridouan@creditmutuel.fr

Press relations – +33 (0)3 88 14 84 00 – com-alliancefederale@creditmutuel.fr

Investor contact:

Banque Fédérative du Crédit Mutuel – bfcm-web@creditmutuel.fr

1.1. Financial results

(in € millions)	06/30/2025	06/30/2024	Change
Net revenue	6,549	6,178	+6.0 %
General operating expenses	-3,405	-3,208	+6.1 %
Gross operating income/(loss)	3,144	2,970	+5.9 %
Cost of risk	-782	-799	-2.1 %
cost of proven risk	-733	-782	-6.3 %
cost of non-proven risk	-49	-17	n.s
Operating income	2,363	2,171	+8.8 %
Net gains and losses on other assets and ECC ⁽¹⁾	39	39	+0.8 %
Income before tax	2,402	2,210	+8.7 %
Income tax	-764	-496	+54.0 %
Net income	1,638	1,714	-4.4 %
Non-controlling interests	191	189	+1.0 %
GROUP NET INCOME	1,447	1,524	-5.1 %

⁽¹⁾ECC = equity consolidated companies = share of net profit/(loss) of equity consolidated companies.

Net revenue

At June 30, 2025, the net revenue of Banque Fédérative du Crédit Mutuel amounted to €6.5 billion, up +6.0% compared with the first half of 2024, driven by strong momentum in the banking and insurance networks.

Revenues from retail banking were up by +6.4%, driven by the good performance of the banking networks (+6.7%) and consumer finance (including Cofidis Group +12.4%).

The contribution of the insurance business to net revenue, at €822 million, was up +15.7%, with growth driven by all business lines (property & casualty insurance, life insurance).

Asset management and private banking posted an overall increase in net revenue of +5.1%, with both activities making a positive contribution: asset management, +6.5% thanks to positive inflows and private banking, +3.9% thanks to good growth in commissions.

Corporate banking posted a decline in net revenue of -3.7% compared with the first half of 2024, which was particularly favorable in terms of net interest margin.

Net revenue from capital markets posted good growth of +11.0%, due in particular to the sharp increase in revenues from the commercial business line.

Total income generated by the private equity business remained high at €211 million, albeit down slightly on the first half of 2024.

General operating expenses and gross operating income

General operating expenses increased by +6.1% to -€3,405 million in the first half of 2025.

To keep pace with growth, employee benefits expenses (54% of general operating expenses) increased by +7.5%, while other operating expenses were kept under control at +4.6%.

The scissors effect was slightly negative at 0.1 percentage point and the cost/income ratio remained low at 52.0%.

Gross operating income rose by +5.9% to €3,144 million.

Cost of risk and operating income

In the first half of 2025, the cost of risk was -€782 million compared with -€799 million, a slight decrease of -2.1%.

It breaks down into a -€733 million provision for the cost of proven risk (stage 3) and a -€49 million provision for the cost of non-proven risk (prudential provisioning) on performing loans (stages 1 and 2).

The cost of proven risk was down by -6.3% at June 30, 2025. It was down in the banking networks, which represent 24% of the cost of proven risk (vs. 35% in June 2024). Consumer finance still accounts for a significant proportion of the cost of proven risk (71%). The specialized business lines (2% of the cost of proven risk) had a low level of cost of proven risk at -€17 million.

In line with fiscal year 2024, the provisioning for future risks is recorded as a net expense in a context of uncertainty (particularly economic and related to international trade) in the short and medium term.

Given the sustained level of business and operational efficiency, operating income rose by 8.8% year-on-year to €2,363 million.

Other

Net gains/(losses) on other assets and ECC amounted to €39 million.

Income before tax

Thanks to higher revenues and controlled risks, income before tax was up +8.7% year-on-year to €2,402 million.

Net income

Income tax (-€764 million in the first half of 2025 compared with -€496 million in the first half of 2024) is impacted by the exceptional contribution introduced by the French 2025 Finance Act on the profits of large companies generating profits in excess of €1 billion in France. Banque Fédérative, a subsidiary of Crédit Mutuel Alliance Fédérale, remains a bank and an employer with strong roots in France. The group is therefore liable for €192 million in surcharge at June 30, 2025.

Net income fell by -4.4% to €1,638 billion. Excluding the surcharge, it would be up by +6.8%.

1.2. Financial structure

Banque Fédérative de Crédit Mutuel’s shareholders’ equity totaled €46.7 billion at the end of June 2025 compared with €45.2 billion at the end of 2024.

BFCM is a subsidiary of Crédit Mutuel Alliance Fédérale. At end-June 2025, the latter’s estimated Common Equity Tier 1 (CET1) ratio was 19.5%².

The three rating agencies that issue ratings for Crédit Mutuel Alliance Fédérale and the Crédit Mutuel group all recognize their financial stability and the validity of the business model:

	LT/ST Counterparty**	Issuer/LT preferred senior debt	Outlook	ST preferred senior debt	Stand-alone rating***	Date of last publication
Standard & Poor’s ⁽¹⁾	AA-/A-1+	A+	Stable	A-1	a	11/07/2024
Moody’s ⁽²⁾	Aa3/P-1	A1	Stable	P-1	a3	12/19/2024
Fitch Ratings * ⁽³⁾	AA-	AA-	Stable	F1+	a+	06/17/2025

* The Issuer Default Rating is stable at A+.
** The counterparty ratings correspond to the following agency ratings: Resolution Counterparty Rating for Standard & Poor’s, Counterparty Risk Rating for Moody’s and Derivative Counterparty Rating for Fitch Ratings.
*** The stand-alone rating is the Stand Alone Credit Profile (SACP) for Standard & Poor’s, the Adjusted Baseline Credit Assessment (Adj. BCA) for Moody’s and the Viability Rating for Fitch Ratings.
⁽¹⁾ Standard & Poor’s: Crédit Mutuel group rating.
⁽²⁾ Moody’s: Crédit Mutuel Alliance Fédérale/BFCM and CIC ratings.
In terms of Moody’s ratings, certain group instruments were downgraded on December 17, 2024, namely: Counterparty Risk Rating (to Aa3), Counterparty Risk Assessment (to Aa3(cr)), junior deposits (to A1) and preferred senior debt (to A1).
⁽³⁾ Fitch Ratings: Crédit Mutuel Alliance Fédérale rating (as the dominant entity of the Crédit Mutuel Group).

Despite a start to 2025 still marked by action on France’s sovereign rating (outlook downgraded to “negative” on February 28, 2025 for S&P), these agencies confirmed, in 2024 (on November 7, 2024 for S&P and December 19, 2024 for Moody’s), in 2025 (on June 17, 2025 for Fitch Ratings) the external ratings and stable outlooks assigned to Crédit Mutuel Alliance Fédérale and the Crédit Mutuel group. This reflects operating efficiency, recurring earnings based on a diversified business model and strong financial fundamentals.

As a reminder, Moody’s downgraded France’s sovereign rating on December 14, 2024, with mechanical consequences for the highest-rated French banks (loss of support from the country rating that they had benefited from according to the agency’s methodology).

The announcement of the acquisition of OLB (Oldenburgische Landesbank AG) on March 20, 2025, was welcomed by the three rating agencies. The completion of this acquisition is subject to approval by regulatory authorities, in particular the European Central Bank (ECB) and the European Commission. This transaction would further strengthen Crédit Mutuel Alliance Fédérale’s diversification, with an impact on CET1 that would not alter the agencies’ assessment of the capital scores of Crédit Mutuel Alliance Fédérale or the Crédit Mutuel group.

1.3. Results by business line

Retail banking

Net revenue from retail banking increased by €6.4% to €4.4 billion. General operating expenses, at -€2.6 billion, grew at a slower pace than net revenue, i.e. 4.9%. The cost of risk rose to -€801 million, of which -€716 million for proven risk (decrease of -1.8%) and -€85 million for non-proven risk. Retail banking posted a slight increase in net income to €643 million.

Insurance

Net insurance income increased by +15.7%, driven by the increase in income from health, protection & creditor insurance and life insurance as well as by the increase in financial income (increase in dividends received from Desjardins Group, Crédit Mutuel Alliance Fédérale’s long-standing partner in Canada).
General operating expenses totaled -€92 million, corresponding solely to expenses not attributable to contracts.
Net income was €495 million, up +0.5% compared with end-June 2024.

Asset management and private banking

Overall net revenue for both activities increased by +5.1% to €667 million. Private banking net revenue was up by 3.9% to €365 million; asset management net revenue increased by +6.5% (to €302 million) due to gains on commissions. General operating expenses rose by +9.0% to -€498 million, of which +8.2% for private banking and +9.9% for asset management.
Net income was €129 million, up by 14.3% compared with the first half of 2024.

Corporate banking

Net revenue was down by -3.7% to €323 million at the end of June 2025, in a context of falling interest rates, despite higher commissions (+9.8%). The cost of risk (+€15 million compared with -€40 million at June 2024) was up, with a significant reversal effect on non-proven OEL provisions. Net income was stable at €158 million in the first half of 2025, versus €156 million in the first half of 2024.

Capital markets

The investment and commercial business lines continued to grow, with total net revenue up +11.0% to €331 million. General operating expenses increased by +5.5% to -€150 million. Net income increased by 3.1% to €124 million.

Private equity

In financial terms, €174 million was invested in the first half of 2025 in around 20 deals in France and abroad. The pace of disposals slowed compared with the exceptionally high level in 2024. Total income remained solid at €211 million in the first half of 2025, two-thirds of which was made up of capital gains generated by the portfolio, supplemented by recurring income.

In the first half of 2025, the contribution to net income was €169 million, close to that of the first half of 2024

1.4. Key figures

Banque Fédérative du Crédit Mutuel³

(in € millions)	06/30/2025	12/31/2024
Financial structure and business activity
Balance sheet total	732,747	734,840
Shareholders’ equity (including net income for the period before dividend pay-outs)	46,698	45,203
Customer loans	343,888	342,285
Total savings	670,633	665,478
– of which customer deposits	287,627	295,099
– of which insurance savings	55,168	53,650
– of which financial savings (under management and in custody)	327,838	316,730

	06/30/2025	12/31/2024
Key figures
Number of branches	2	2
Number of customers (in millions)	22.4	22.2

Key ratios
Cost/income ratio (at 06/30/2025 vs 06/30/2024)	52.0%	51.9%
Loan-to-deposit ratio	119.6%	116.0%
Overall solvency ratio² (estimated for 06/2025)	21.8%	21.0%
CET1 ratio² (estimated for 06/2025)	19.5%	18.8%

1.5 Banque Fédérative du Crédit Mutuel financial statements

Balance sheet (assets)

(in € millions)	06/30/2025	12/31/2024
Cash and central banks	75,012	86,190
Financial assets at fair value through profit or loss	41,077	39,653
Hedging derivatives	1,588	1,701
Financial assets at fair value through equity	46,814	44,421
Securities at amortized cost	5,952	5,680
Loans and receivables due from credit institutions and similar at amortized cost	61,836	61,897
Loans and receivables due from customers at amortized cost	343,888	342,285
Revaluation adjustment on rate-hedged books	284	209
Financial investments of insurance activities	140,977	135,472
Insurance contracts issued – Assets	8	10
Reinsurance contracts held – Assets	247	284
Current tax assets	780	1,002
Deferred tax assets	858	1,005
Accruals and miscellaneous assets	7,077	8,682
Non-current assets held for sale	0	0
Investments in equity consolidated companies	929	911
Investment property	56	36
Property, plant and equipment	2,556	2,606
Intangible assets	494	483
Goodwill	2,315	2,315
TOTAL ASSETS	732,747	734,840

Balance Sheet – Liabilities and shareholders’ equity

(in € millions)	06/30/2025	12/31/2024
Central banks	15	18
Financial liabilities at fair value through profit or loss	26,847	26,643
Hedging derivatives	2,660	3,261
Debt securities at amortized cost	158,853	163,710
Due to credit and similar institutions at amortized cost	50,404	46,031
Due to customers at amortized cost	287,627	295,099
Revaluation adjustment on rate-hedged books	-16	-15
Current tax liabilities	425	450
Deferred tax liabilities	478	481
Accruals and miscellaneous liabilities	12,010	12,671
Debt related to non-current assets held for sale	0	0
Insurance contracts issued – liabilities	129,868	125,195
Provisions	3,285	2,913
Subordinated debt at amortized cost	13,593	13,180
Total shareholders’ equity	46,698	45,203
Shareholders’ equity – Attributable to the group	41,997	40,737
Capital and related reserves	6,568	6,568
Consolidated reserves	33,822	30,959
Gains and losses recognized directly in equity	161	195
Profit (loss) for the period	1,447	3,015
Shareholders’ equity – Non-controlling interests	4,701	4,466
TOTAL LIABILITIES	732,747	734,840

At December 31, 2024, CIC London reclassified £2,030 million (€2,448 million) from “Debt securities at amortized cost” to “Financial liabilities at fair value through profit or loss”.

Income statement

(in € millions)	06/30/2025	06/30/2024
Interest and similar income	14,617	17,055
Interest and similar expenses	-11,235	-13,787
Commissions (income)	2,389	2,332
Commissions (expenses)	-743	-698
Net gains on financial instruments at fair value through profit or loss	839	497
Net gains or losses on financial assets at fair value through shareholders’ equity	16	-13
Net gains or losses resulting from derecognition of financial assets at amortized cost	2	0
Income from insurance contracts issued	3,901	3,712
Expenses related to insurance contracts issued	-3,170	-3,085
Income and expenses related to reinsurance contracts held	-67	-51
Financial income or financial expenses from insurance contracts issued	-2,992	-3,073
Financial income or expenses related to reinsurance contracts held	3	4
Net income from financial investments related to insurance activities	3,115	3,189
Income from other activities	659	371
Expenses on other activities	-784	-275
Net revenue	6,549	6,178
of which Net income from insurance activities	789	695
General operating expenses	-3,231	-3,041
Movements in depreciation, amortization and provisions for property, plant and equipment and intangible assets	-174	-166
Gross operating income	3,144	2,970
Cost of counterparty risk	-782	-799
Operating income	2,363	2,171
Share of net income of equity consolidated companies	37	40
Net gains and losses on other assets	0	-2
Changes in the value of goodwill	1	0
Income before tax	2,402	2,210
Income taxes	-764	-496
Net income	1,638	1,714
Net income – Non-controlling interests	191	189
NET INCOME ATTRIBUTABLE TO THE GROUP	1,447	1,524

At June 30, 2024, an expense of €244 million was reclassified from “Net gains on financial instruments at fair value through profit or loss” to “Interest and similar expenses”.

1Unaudited financial statements – limited review currently being conducted by the statutory auditors. The Board of Directors met on July 30, 2025 to approve the financial statements. All financial communications are available at www.bfcm.creditmutuel.fr and are published by Crédit Mutuel Alliance Fédérale in accordance with the provisions of Article L. 451-1-2 of the French Monetary and Financial Code and Articles 222-1 et seq. of the General Regulation of the French Financial Markets Authority (Autorité des marchés financiers – AMF).
² Specialized business lines include corporate banking, capital markets, private equity, asset management and private banking.
³ Change in outstandings calculated over twelve months.
⁴ Ratio estimated at June 30, 2025 for Crédit Mutuel Alliance Fédérale, which includes BFCM in its scope of consolidation.

2Ratio estimated at June 30, 2025 for Crédit Mutuel Alliance Fédérale which includes BFCM in its scope of consolidation.

3Consolidated results of Banque Fédérative du Crédit Mutuel and its main subsidiaries: CIC, ACM, BECM, TARGOBANK, Cofidis Group, IT, etc.

² Estimate as of June 30, 2025 for Crédit Mutuel Alliance Fédérale, the integration of earnings into shareholders’ equity is subject to approval by the ECB.

Attachment

BFCM – 2025 half-year results press release

The MIL Network –

July 31, 2025

MIL-OSI USA: Warren, Markey, Merkley, Whitehouse Press Top Trump Officials on Rising Electricity Prices for Americans
US Senate News:
Source: United States Senator for Massachusetts – Elizabeth Warren

July 30, 2025

Consumers face higher electricity prices than when Biden left office, despite Trump campaign promise to cut energy and electricity prices in half

Text of Letter (PDF)

Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), joined by Senators Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), and Sheldon Whitehouse (D-R.I.), pressed Trump administration officials on rising electricity prices for Americans. Despite Donald Trump’s campaign promise to “cut the price of energy and electricity in half,” consumers are facing higher electricity prices than when President Biden left office.

“The Administration must reverse its path of increased energy prices and instead work to cut energy costs for American families,” wrote the lawmakers.

The lawmakers wrote to Energy Secretary Chris Wright, Interior Secretary Doug Burgum, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, United States Trade Representative (USTR) Jamieson Greer, and Health and Human Services (HHS) Secretary Robert F. Kennedy, Jr., pressing for answers as to why President Trump has failed to lower energy prices and what the administration’s plan is to bring down those costs.

“We write to you – a broad swath of the cabinet – because the increase in energy costs is driven by a broad swath of policies across the Trump Administration,” wrote the lawmakers.

According to the most recent data from the Consumer Price Index, under the Trump administration, electricity prices are up nearly 5 percent from the start of the year and up by almost a full percentage point in June 2025. Prices are expected to climb even further, with the average electric bill in the U.S. during this year’s air conditioning season projected to hit record highs.

“At the same time, the Trump Administration is cutting programs that help families afford higher electricity costs and lower their energy usage, all while utility CEOs receive massive payouts,” wrote the lawmakers. “A combination of the Administration’s regulatory decisions, the impacts of tariffs, and the Administration’s reversal of key energy investments is driving up energy bills for Americans around the country.”

The lawmakers cited key examples of Trump administration actions which have exacerbated the energy cost crisis, including:
- The President’s “Big Beautiful Bill” makes cuts to existing clean energy and manufacturing tax credits that will lead to the estimated loss of 1.6 million jobs and elimination of $980 billion in GDP growth. The final law will result in an estimated $280 increase in average American household energy costs per year over the next decade.
- President Trump’s efforts to sell more gas overseas risk creating a domestic price surge due to draining domestic supplies.
- The Trump Administration is forcing states to keep defunct, unwanted, and unneeded coal plants open in several states, foisting tens of millions of dollars of new maintenance and retention costs onto consumers in 15 states.
- President Trump’s chaotic and poorly planned tariffs policy is increasing costs for building materials for transmission lines and electrical equipment, and “virtually every other segment of the supply chain,” imposing additional costs on consumers.
- The Administration has proposed entirely eliminating funding for the Low-Income Home Energy Assistance Program (LIHEAP) after firing the entirety of the program’s staff, which provides $4 billion in assistance to approximately 6 million low-income families who rely on this funding to pay their utility bills.
- The Energy Department is in the process of rolling back energy efficiency and water conservation standards, which save households close to $600 annually on water and gas bills.
The lawmakers pressed for answers to better understand how the Administration plans to lower prices for consumers by August 11, 2025.
MIL OSI USA News –
July 31, 2025
MIL-OSI United Nations: Hailing Progress to Transform Food Systems, Deputy Secretary-General Urges Stronger Collaboration to End Global Hunger, at UN Summit+4 Stocktake’s Closing Plenary
Source: United Nations General Assembly and Security Council

Following are UN Deputy Secretary-General Amina Mohammed’s remarks, as prepared for delivery, at the closing plenary of the Second United Nations Food Systems Summit Stocktake (UNFSS+4), in Addis Ababa today:

Let me begin by extending my appreciation to the Government of Ethiopia for its warm hospitality, and to the Italian Government as well, for their support as Co-Hosts of this Second United Nations Food Systems Summit Stocktake.

Over the last three days, we have engaged and heard from over 3,000 of you — leaders from Ethiopia and Italy, Kenya, Somalia, Comoros, Liberia, Nigeria, Uganda, Cuba; the ministers from a wide range of sectors; National Convenors and other government representatives; youth, Indigenous Peoples, food producers, business, civil society, development partners; our Rome-based agencies; and the UN system. I am particularly grateful to the resident coordinators that joined us here in Addis and will now go back to work with renewed impetus to make food systems transformation a reality.

The energy and vitality of this movement continues to inspire. This gathering has reminded us of the value of coming together as a global community to benefit from the perspectives and experiences of others and to shape new, bold action for the future.

At the UN Food Systems Summit (UNFSS) in 2021, in the midst of a global pandemic, we embarked on a journey to grow and catalyse energy behind an emerging movement for the transformation of our food systems to achieve the 2030 Agenda for Sustainable Development and the Sustainable Development Goals (SDGs). Too often food systems are seen as part of our challenges, when they can be one of the greatest solutions to deliver for people, planet, peace and prosperity.

Two years ago, still grappling with the socioeconomic impacts of the pandemic, facing planetary crises and the effects of new conflicts, the Call to Action from the First Stocktake of the UN Food Systems Summit (UNFSS+2) in Rome appealed for inclusivity to strengthen our efforts to drive more targeted investment and mutual accountability.

Since then, Governments have continued to shift how they govern and shape policy for food systems. A total of 130 countries have articulated integrated, multisectoral National Pathways for Food Systems Transformation and here again; I want to acknowledge the incredible contribution of Sir David Nabarro.

In 168 countries, nationally determined contributions are now reflecting the critical role of food and agriculture in reducing greenhouse gas emissions as we seek to adapt and transform.

More than 170 countries are implementing school meal programmes that support child nutrition, often connecting with local producers and contributing to regenerative production practices. At the subnational level, many cities are leading the way in reducing food waste and strengthening local supply chains.

I am proud of what we have achieved. We have heard powerful stories of progress and rising ambition since 2021 from a diverse ecosystem of partners, who are reforming policies, championing local innovation and digitalization, mobilizing investments and partnerships and empowering women and youth.

And when it comes to our young people, there is increased understanding that ensuring youth-inclusive and youth-led food systems transformation is important both for enhancing youth welfare and building sustainable and resilient food systems.

The food systems movement has taken root in global and regional agreements — from the Twenty-Eighth Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) Declaration to initiatives emerging from the Group of Seven (G7) and Group of Twenty (G20) to regional agreements, such as the Kampala Declaration earlier this year.

These are powerful commitments to transform food systems for people and the planet that you have helped inspire. Thanks to your collective work and efforts we are better equipped to meet our ambition.

You are strengthening coalitions and launching new initiatives to help drive our work, including:
- The Food Systems Accelerator, launched by Food and Agriculture Organization (FAO), GAIN and the UN Food Systems Coordination Hub, will support countries to turn strategies into financed, scalable change.
- Through greater uptake of the Financial Flows to Food Systems framework, co-developed by the International Fund for Agricultural Development (IFAD) and the World Bank, we can help Governments design more effective, tailored financing strategies.
- Business engagement — co-led by the Food and Agriculture Organization (FAO), UN Global Compact and the World Business Council for Sustainable Development — broke new ground. These efforts culminated in a Business Compendium of 15 investment-ready models, showing how business is shifting from commitment to implementation.
- As a result of the investment pitch for Cameroon, the Global Flagship Initiative for Food Security has announced their intent to partner with the Joint SDG Fund to significantly scale up existing programmes. The launch for this large-scale commitment will take place in New York this September 2025.
- The Convergence Initiative helps drive integration of food systems transformation and climate action for accelerated sustainable development and represents a useful resource for countries to navigate competing policy choices with partners.
- Investments in critical sectors, including those under the Mattei Plan for Africa, are mobilizing public-private partnerships and catalysing private sector investment.
- The UNFSS+4 Youth Declaration, crafted by more than 3,000 youth from all over the world, called for inclusive, participatory decision-making in food systems, climate justice and intergenerational collaboration.
- The UNFSS Coalitions of Action demonstrated that they are dynamic vehicles for food systems transformation, mobilizing diverse stakeholders across sectors and scales to deliver impact aligned with national priorities.
With just five years until 2030, it is encouraging to see that the world remains committed to the realization of the 2030 Agenda.

As we conclude this Stocktake, we must acknowledge that we met in the face of challenges that test our moral values and threaten the future sustainability of our planet, underscoring the urgency of our work together.

The release of the 2025 State of Food Security and Nutrition in the World Report last night confirmed: hunger and malnutrition persist. Climate shocks, conflict, debt and inequality are widening the cracks in our systems.

It is estimated that between 638 and 720 million people — a bit less than 1 in 10 people in the world — faced hunger in 2024. 2.6 billion people are still unable to afford a healthy diet. Only about one third of children aged 6 to 23 months and two thirds of women aged 15 to 49 years achieved minimum dietary diversity globally.

People’s access to food in conflict zones is highly constrained and — in some instances — attempts to access humanitarian relief has led to injury and death. Whole communities experience man-made food insecurity and malnutrition, with extreme long-term consequences for their children.

Farmers everywhere are facing unprecedented adverse climate impacts, threatening livelihoods and food security. Developing economies are still coping with impacts of inflation, severe fiscal constraints, debt challenges and the high cost of capital. Looking ahead, 512 million people are still projected to be facing hunger in 2030, of whom nearly 60 per cent will be in Africa.

As we consider the pathway to 2030, peace and respect for human rights must anchor our ambition. Every person in our world — rich or poor, young or old — has the right to food that is accessible, affordable, safe and nutritious. Present and future generations are depending on our choices. Only through inclusive dialogue and genuine partnerships can countries and communities ensure faster and more effective progress.

As we leave this Stocktake and take what we achieved here in Addis back home and to other milestones, clear points of emphasis have been identified:

First, we must act urgently to summon the funding, innovations and global solidarity to build the food-secure and climate-resilient future that every person, everywhere, needs and deserves. The dramatic reduction in life-saving humanitarian funding to respond to these needs must be immediately reversed and safe access to life-saving humanitarian support granted.

Second, is to deepen the implementation of National Pathways for Food Systems Transformation. The effective and meaningful participation of all relevant stakeholders is a priority, with particular attention to involving family farmers, front-line food workers, women, youth, Indigenous Peoples and local communities.

Third, we must unlock finance and investment. That means mobilizing domestic resources and investments at scale for all dimensions of food systems transformation. It also means scaling up finance and investment by multilateral development banks, international financial institutions, and public development banks behind country priorities.

And we have work to do to scale up private sector investment in agriculture and food systems. This should include the small and medium-sized enterprises that serve as a backbone of our food systems interfacing with millions of food producers and consumers.

Fourth, we must continue the drive for an integrated approach. We need to simultaneously pursue policy measures that focus on equity and resilience through linking environmental, economic and social dimensions of food systems. Policies should be rooted in local culture, communities and traditional knowledge to help guide approaches that can accelerate transformation and enhance self-reliance.

Fifth, we must continue to leverage science, technology and knowledge. Science and innovation are prerequisites for food systems transformation and can support alignment of health, agriculture, climate, biodiversity and economic objectives and policies. Strong science-policy-society interfaces are essential and must appreciate traditional knowledge.

New technologies, such as artificial intelligence, are changing our economies and our societies. The road ahead demands we leverage the appropriate and responsible use of technology to ensure prosperity for all in a healthy and liveable planet. The digital public infrastructure needs more investment to ensure the connectivity of our rural communities.

And, finally, we must connect with our future. I agree with our young people — they are not merely future beneficiaries of food systems change, they are active co-leaders in transformation. Policies should enhance opportunities for young people to create, innovate and thrive.

On the road to 2030, there will be important milestones that the outcomes of UNFSS+4 will inform and in which this movement will engage. These include the World Social Summit, United Nations Framework Convention on Climate Change (UNFCCC) COP30, UN Convention on Biological Diversity COP17 and the 2027 SDG Summit.

UNFSS+4 has reinforced the value of a dedicated space to foster collaboration, deepen systems approaches and encourage the emergence of food systems whose purposes are at the heart of the 2030 Agenda.

The UN Food Systems Coordination Hub will continue to advance progress at country level, through our resident coordinators and country teams, accompanying National Convenors and collaborating with other partners. Our movement has shown what is possible when we work together in deliberate ways across sectors, stakeholders and countries with a shared purpose.

I call on Governments and people everywhere to build on what has been accomplished and continue to work together for peace and to realize the vision of the 2030 Agenda. Let’s continue to lead the way — together.

MIL OSI United Nations News –
July 31, 2025
MIL-OSI USA: High Noon Announces Recall of its Vodka Seltzer Beach Pack (12 Pack) Due to Inclusion of CELSIUS® ASTRO VIBE ™ Energy Drink Cans that were Inadvertently Filled with Vodka Seltzer

Source: US Department of Health and Human Services – 3

Summary

Company Announcement Date:
July 29, 2025
FDA Publish Date:
July 30, 2025
Product Type:
Food & Beverages
Reason for Announcement:

Recall Reason Description
Cans contain alcohol

Company Name:
High Noon
Brand Name:

Brand Name(s)
High Noon, Celsius

Product Description:

Product Description
Energy Drink

Company Announcement
MODESTO, CA, July 29, 2025 – High Noon is recalling two production lots of High Noon Beach Variety packs (12-pack/12 fluid ounce cans). Some of these packs contain cans that are filled with High Noon vodka seltzer alcohol and are mislabeled as CELSIUS® ASTRO VIBE™ Energy Drink, Sparkling Blue Razz Edition with a silver top. Consumption of the liquid in these cans will result in unintentional alcohol ingestion.
No illnesses or adverse events have been reported for this recall to date.
Product Details: This labeling error is confined to the two lots listed below:

Product Description

Retail UPC

Lot Codes

Product Images

High Noon BeachVariety Packs

High Noon UPC:085000040065

L CCC 17JL25 14:00 toL CCC 17JL25 23:59 L CCC 18JL25 00:00 toL CCC 18JL25 03:00 Lot Codes are on theexterior of the 12-pack.See below:

See Image Below

CELSIUS ASTROVIBE Energy Drink, Sparkling Blue Razz Edition

CELSIUS UPC8 89392 00134 1

L CCB02JL25 2:55 to L CCB02JL25 3:11 The lot codes arelasered on thebottom of the can.

See Image Below

This recall is exclusively for the affected High Noon Beach Variety 12-packs with the lot codes listed above, which were shipped to distributors in FL, MI, NY, OH, OK, SC, VA & WI. Distributors shipped product to retailers in FL, NY, OH, SC, VA & WI. Product was shipped between July 21, 2025 – July 23, 2025.
Even if not purchased in a High Noon Beach Variety pack, consumers should be advised to ensure their CELSIUS ASTRO VIBE Energy Drink, Sparkling Blue Razz Edition does not contain the lot codes (L CCB 02JL25 2:55 to L CCB 02JL25 3:11), prior to consuming.
Consumers are advised to dispose of the CELSIUS ASTRO VIBE Energy Drink, Sparkling Blue Razz Edition cans with the impacted lot codes (L CCB 02JL25 2:55 to L CCB 02JL25 3:11) and not consume the liquid. High Noon Beach Variety packs with different lot codes than above are not affected by this recall and are safe to consume.
The recall was initiated after High Noon discovered that a shared packaging supplier mistakenly shipped empty CELSIUS cans to High Noon.
As a reminder, consumers are advised to dispose of the CELSIUS ASTRO VIBE Energy Drink, Sparkling Blue Razz Edition silver lid cans with the impacted lot codes (L CCB 02JL25 2:55 to L CCB 02JL25 3:11) and not consume the liquid.
Consumers who have purchased the identified High Noon Beach Variety 12-packs or mislabeled CELSIUS ASTRO VIBE Energy Drink, Sparkling Blue Razz Edition (with lot codes: L CCB 02JL25 2:55 to L CCB 02JL25 3:11), should contact High Noon Consumer Relations at consumerrelations@highnoonvodka.com to get more information on next steps, including refunds.
This recall is being conducted with the knowledge of the U.S. Food and Drug Administration and the Alcohol and Tobacco Tax and Trade Bureau.

Company Contact Information

Product Photos

Content current as of:
07/30/2025

Regulated Product(s)

Follow FDA

MIL OSI USA News –

July 31, 2025
MIL-OSI USA: White House, Tech Leaders Commit to Create Patient-Centric Healthcare Ecosystem

Source: US Department of Health and Human Services

Leading Healthcare, Tech Companies Pledge to Work on Interoperability & User-Friendly Apps

Today, the Trump Administration announced progress toward building a smarter, more secure, and more personalized healthcare experience in partnership with innovative private sector companies. During a White House “Make Health Tech Great Again” event hosted with the Centers for Medicare & Medicaid Services (CMS), the Administration secured commitments from major healthcare and information technology firms – including Amazon, Anthropic, Apple, Google, and OpenAI – to begin laying the foundation for a next-generation digital health ecosystem that will improve patient outcomes, reduce provider burden, and drive value.

MIL OSI USA News –

July 31, 2025
MIL-OSI: SUSE Recognized as a Leader in Analyst Evaluation on Multicloud Container Platforms, Q3 2025
Source: GlobeNewswire (MIL-OSI)

LUXEMBOURG, July 30, 2025 (GLOBE NEWSWIRE) — SUSE^®, a global leader in enterprise open source solutions, today announced it was recognized as a leader in The Forrester Wave™ for Multicloud Container Platforms, Q3 2025 for SUSE Rancher Prime. This evaluation explores how multicloud container platforms are responding by doubling down on enterprise-grade solutions for cloud, data center, and edge or by targeting specialized use cases, from AI to industrial operations.

“To us, this recognition as a leader in The Forrester Wave™ for Multicloud Container Platforms, Q3 2025, shows what our customers already know: SUSE is built for composability, performance and flexibility. We empower enterprises to run securely at the edge, in the cloud and in the data center without compromise. Our open source foundation, paired with a customer-first support model, is what sets SUSE Rancher Prime apart,” said Peter Smails, SVP, General Manager, Cloud Native at SUSE. “Our strategic direction is focused on supporting customers and partners with digital sovereignty, driving cloud cost efficiency, elevating security and compliance for risk mitigation and empowering resilient business operations.”

The Forrester Wave™: Multicloud Container Platforms, Q3 2025 report notes that:
- “Today, [SUSE Rancher Prime’s] flexible packaging stands out.”
- ”SUSE is above par in many categories, including serverless, DevOps automation, service and application catalogs, integration, runtime, control plane configuration, and cost management.”
- ”SUSE customers praise the vendor’s can-do approach to support and its willingness to solve issues…”
- ”SUSE is a good fit for enterprise customers who are comfortable with cloud-native technologies and want to prioritize composability and options and/or cloud, data center, and edge.”
SUSE Rancher Prime stands as the partner of choice for organizations including Aussie Broadband, Lumen and Switch. It offers a unified, self-service Kubernetes platform that simplifies complex cloud-native transformation, accelerates time-to-market, and ensures enterprise-grade security and compliance across any environment. It leverages SUSE’s decades of trusted open source innovation and leadership to build a robust foundation for the future of modern applications, all while guaranteeing vendor independence.

To learn more, visit the official announcement blog or access the full report here.

Information on The Forrester Wave:
Forrester does not endorse any company, product, brand, or service included in its research publications and does not advise any person to select the products or services of any company or brand based on the ratings included in such publications. Information is based on the best available resources. Opinions reflect judgment at the time and are subject to change. For more information, read about Forrester’s objectivity here .

About SUSE
SUSE is a global leader in innovative, reliable and secure enterprise open source solutions, including SUSE® Linux Suite, SUSE® Rancher Suite, SUSE® Edge Suite and SUSE® AI Suite. More than 60% of the Fortune 500 rely on SUSE to power their mission-critical workloads, enabling them to innovate everywhere – from the data center to the cloud, to the edge and beyond. SUSE puts the “open” back in open source, collaborating with partners and communities to give customers the agility to tackle innovation challenges today and the freedom to evolve their strategy and solutions tomorrow. For more information, visit www.suse.com.

Media Contact
Rachel Romoff, SUSE
rachel.romoff@suse.com

The MIL Network –
July 31, 2025
MIL-OSI USA: Senate Appropriators Advance Bill with Alaska Priorities for Transportation, Infrastructure, and Housing
US Senate News:
Source: United States Senator for Alaska Lisa Murkowski

07.30.25

Washington, DC – Last week, U.S. Senator Lisa Murkowski (R-AK), a senior member of the Senate Appropriations Committee, voted to advance the Transportation, Housing, and Urban Development bill for Fiscal Year 2026 (FY26) that contains significant Alaska priorities. The bill was approved in committee and will now advance to the Senate floor for consideration.

“This funding meets some of Alaska’s most critical needs, ranging from affordable housing to infrastructure improvements,” said Senator Murkowski. “I look forward to continuing to advocate for these wide-ranging investments that will benefit all Americans and provide stability for those who need some help getting back on their feet.”

Highlights from the Transportation, Housing, and Urban Development (THUD) Bill

Investments in Aviation Safety

Air travel is a way of life in Alaska, and oftentimes pilots are flying without guidance or accurate weather assessments. In recognition of these life-threatening conditions, Senator Murkowski is focused on bolstering aviation safety in Alaska and around the country. To that end, the THUD appropriations bill invests $20 million for the Don Young Alaska Aviation Safety Initiative (DYAASI), and $687.5 million for Essential Air Service.

Bolstering Infrastructure

Senator Murkowski understands the diverse infrastructure needs in Alaska and around the country. Ensuring America’s roads, railroads, and maritime transport routes remain safe and efficient is essential. This bill provides for $63 billion for the Federal Highway Administration, $2.9 billion for the Federal Railroad Administration, and $874 million for the Maritime Administration, including $30 million for Assistance to Small Shipyards Grants and $75 million for the Port Infrastructure Development Program.

Supporting Community Development Initiatives

Senator Murkowski recognizes the importance of having a safe place to call home for people of all ages, and how difficult it is to secure it. She advocated for significant funding for initiatives that aim to make housing more accessible in communities around the country.

Senator Murkowski ensured a continued investment of $107 million in funding for the Youth Homeless Demonstration Program, which takes a comprehensive, community-based approach to reduce the number of young people experiencing homelessness. She also secured $1.25 billion for the HOME Investment Partnership Program, which provides the Department of Housing and Urban Development funding for grants used by states, local governments, and nonprofits to buy, build, and/or rehabilitate affordable housing options for low-income Americans. She also successfully fought for $52 million to rehouse survivors of domestic violence. Additionally, Senator Murkowski advocated for significant investments in Tribal Housing programs, $1.11 billion for Indian Housing Block Grants, and $10 million for Tribal Housing and Urban Development-Veterans Affairs Supportive Housing Vouchers.

In addition to programmatic funding to help Alaskans, Senator Murkowski was able to secure investments specific to 27 Alaska communities, projects that have been requested and prioritized by local governments and organizations in this bill:
- Anchorage: $1,600,000 for Covenant House Alaska to purchase the Dena’ina House.
- Anchorage: $287,000 for NeighborWorks Alaska to replace their fire alarm system.
- Anchorage: $750,000 for Anchorage Community Land Trust for building repairs.
- Anchorage: $320,000 for Catholic Social Services to improve accessibility and egress at shelter.
- Buckland, Noatak, Kivalina: $330,000 for Northwest Arctic Borough School District to construct and renovate teacher housing.
- Central Council of the Tlingit & Haida Indian Tribes of AK: $2,500,000 to provide housing for first responders in Angoon, Hydaburg, Kake, Thorne Bay, and Pelican.
- City of Angoon: $2,000,000 to design and construct access to boat launch facility.
- Cordova: $750,000 for Cordova Family Resource Center to purchase and renovate a building.
- Craig: $900,000 for Helping Ourselves Prevent Emergencies (HOPE) to purchase a building for a domestic violence shelter.
- Emmonak: $4,000,000 through the Denali Commission to construct a domestic violence shelter.
- Fairbanks: $5,000,000 for the Alaska Department of Transportation (AKDOT) for road reconstruction.
- Fairbanks: $2,000,000 for North Star Council on Aging to rehabilitate senior housing.
- Fairbanks: $1,000,000 for Fairbanks Neighborhood Housing Services Inc to construct affordable housing.
- Fairbanks: $700,000 for Fairbanks Youth Advocates to build transitional housing for youth at risk of homelessness.
- Haines: $1,000,000 for Borough of Haines to construct an early childhood education building.
- Kake: $2,000,000 for Kake Tribal Corporation to replace a dock.
- Ketchikan: $1,575,000 for Inter-Island Ferry Authority for marine vessel upgrades.
- Ketchikan: $1,000,000 for Southeast Alaska Independent Living, Inc. to purchase and renovate a building to support people with disabilities.
- Ketchikan: $2,000,000 for Ketchikan Indian Community to construct a navigation center.
- Minto: $608,000 for Yukon Koyukuk School District to renovate teacher housing.
- Naknek: $2,000,000 for South Naknek Village Council to construct affordable housing.
- Native Village of Diomede: $1,500,000 to renovate teacher housing.
- Native Village of Unalakleet: $255,000 to construct housing for victims of violent crimes.
- Nome: $4,000,000 for City of Nome to construct housing for teachers and public safety officers.
- Nulato Village: $4,000,000 for Nulato Village for port infrastructure improvements.
- Petersburg: $2,000,000 for Petersburg Borough to replace a float and breakwater at Banana Point.
- Saint Paul Island: $1,000,000 for City of Saint Paul for fire station construction and renovation.
- Seldovia: $482,000 for City of Seldovia to replace the Jakolof Bay Dock.
- Sitka: $1,000,000 for Sitkans Against Family Violence to construct and renovate a domestic violence shelter.
- Soldotna: $2,387,000 for AKDOT to reconstruct a portion of Marydale Avenue.
- Talkeetna: $4,500,000 for Sunshine Station Child Care Center to design and construct a new childcare center.
- Thorne Bay: $1,574,000 for City of Thorne Bay to construct a new Fire and EMS building.
- Wasilla: $3,000,000 for Wasilla Airport (IYS) to design and extend runway.
- Yakutat: $2,000,000 for City & Borough of Yakutat to build housing.
MIL OSI USA News –
July 31, 2025
MIL-OSI Canada: Investor Alert: IPO Capital And SM Trading Centre Are Not Registered
Source: Government of Canada regional news

Released on July 30, 2025

The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) warns investors of the online entities known as IPO Capital and SM Trading Centre.

“The FCAA urges Saskatchewan residents to always check an entity’s registration status at aretheyregistered.ca before making an investment,” FCAA Securities Division Executive Director Dean Murrison said. “Registration status indicates if a business is legitimate. Only dealing with registered entities is an easy way to protect yourself and keep your investments safe.”

IPO Capital and SM Trading Centre claim to offer Saskatchewan residents trading opportunities, including stocks, cryptocurrencies, forex, indices and commodities. Additionally, IPO Capital claims to offer Contracts for Difference (CFDs) commodities.

This alert applies to the online entities using the websites “https://ipo capital” and “smtradingcentre com” (these URLs have been manually altered so as not to be interactive).

IPO Capital and SM Trading Centre are not registered with the FCAA to trade or sell securities or derivatives in Saskatchewan. The FCAA cautions investors and consumers not to send money to companies that are not registered in Saskatchewan, as they may not be legitimate businesses.

If you have invested with IPO Capital or SM Trading Centre or anyone claiming to be acting on their behalf, contact the FCAA’s Securities Division at 306-787-5936.

In Saskatchewan, individuals or companies need to be registered with the FCAA to trade or sell securities or derivatives. The registration provisions of The Securities Act, 1988, and accompanying regulations are intended to ensure that only honest and knowledgeable people are registered to sell securities and derivatives and that their businesses are financially stable.

Tips to protect yourself:
- Always verify that the person or company is registered in Saskatchewan to sell or advise about securities or derivatives. To check registration, visit The Canadian Securities Administrators’ National Registration Search at aretheyregistered.ca.
- Know exactly what you are investing in. Make sure you understand how the investment, product, or service works.
- Get a second opinion and seek professional advice about the investment.
- Do not allow unknown or unverified individuals to remotely access your computer.
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For more information, contact:

MIL OSI Canada News –
July 31, 2025

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